While there is a buzz emerging in the Middle East and Hong Kong with emerging crypto hubs, do not overlook Europe. Specifically, France is making waves as a potential digital asset safe haven. Hex Trust just secured a license to offer digital asset custody and trading services.

From Hong Kong to Europe: Hex Trust Gets a License in France

The recent regulatory turmoil in the cryptocurrency industry has led many firms from the US and Europe to start relocating, among other places, to Hong Kong. This time, however, a firm from China's special administrative region has decided to move to Europe, thereby expanding its previous scope of activity.

Hex Trading, a digital asset custodian, has just obtained a license from France's Autorité des Marchés Financiers (AMF) and Autorité de Contrôle Prudentiel et de Résolution (ACPR). As a result, it can provide its cryptocurrency services in France. Previously, the company acquired a similar license allowing it to operate in the Italian market.

"Receiving the DASP registration from a major EU Regulator is an important vote of confidence and demonstrates our commitment to Hex Trust's ongoing expansion in Europe," commented Alessio Quaglini, the CEO and Co-Founder of Hex Trust. "The EU is a key market for Hex Trust, as we see strong growth potential and prepare for the European MiCA regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term, set up to regulate the digital asset industry in the region by 2024."

The DASP registration will fully enable Hex Trust to provide the following services: digital asset custody, the purchase/sale of digital assets for legal tender, & the trading of digital assets against other digital assets.

2/3

— Hex Trust (@Hex_Trust) August 2, 2023

As new cryptocurrency market regulations come into force in Europe in 2023, some countries have begun to tighten legislation and set higher requirements for digital asset industry firms. As a result, Binance was forced to reduce its presence in Europe. What's more, the company faces a lawsuit over some potentially illegal activities in France which have been going on since 2022.

France, however, continues to offer favorable conditions for cryptocurrency companies, including a simplified registration process and tax cuts for companies operating in innovative industries. The Web3 sector is one of these industries.

Can France Become a European Crypto Hub?

The introduction of the Markets in Crypto Assets (MiCA), the new cryptocurrency regulations, has started to raise questions about the future of the crypto industry in Europe. However, even before the law was enacted, French authorities have taken steps to support the sector's development.

As part of the so-called 2030 plan, France has allocated €30 billion to develop the technology sector, including Web3. Since 2017, at least €1.3 billion has been raised in France to fund cryptocurrency projects.

Yet, France may encounter many foreign competitors on its way to becoming a crypto hub Hub A hub as its name suggests describes the center of activity or a focal point. In terms of finance, the term hub can refer to Hub and Spoke Trading or a liquidity hub. However, the terms are not interchangeable, but they do overlap. Hub and Spoke trading refer to a network that posts bids and offers for an asset and therefore creates a real market. For example, Hub and Spoke trading allow traders to see the other submissions and offers from other traders on the platform. This is a popular method A hub as its name suggests describes the center of activity or a focal point. In terms of finance, the term hub can refer to Hub and Spoke Trading or a liquidity hub. However, the terms are not interchangeable, but they do overlap. Hub and Spoke trading refer to a network that posts bids and offers for an asset and therefore creates a real market. For example, Hub and Spoke trading allow traders to see the other submissions and offers from other traders on the platform. This is a popular method Read this Term. Hong Kong has changed local laws for this purpose, and the United Arab Emirates (UAE) has recently issued a record number of licenses.