- The BCB Group just secured licenses to extend its cryptocurrency- and payment-related products and services in France.
- The achievement comes after its regulatory and market frustrations in Germany.
BCB Group Lands in France
The BCB Group gained a new regulatory base in the European Union (EU) region after it acquired licenses from the French Government to operate as an Electronic Money Institution (EMI) and a Digital Assets Services Provider (DASP). According to a press release on Monday, the approval was given by the Autorité de Contrôle Prudentiel et de Résolution (ACPR) and the Autorité des Marchés Financiers (AMF).
BCB Group serves as a payment processor between traditional financial institutions and cryptocurrency firms. Besides its focus on the digital assets space, its range of offerings includes compliance, trade execution, settlement, reporting, and custody services.
The business was founded in 2017 and is headquartered in London, UK. The company’s milestone in France adds to its list of regulatory bases apart from the UK and Switzerland.
With its expansion in France, the firm will now be able to widen its reach in the EU. The recent approval opens up its EMI products and services to clients, which allows it to issue, manage, and provide electronic money in addition to its payments network. However, its digital asset services covering the trading and custody of crypto are yet to follow since its DASP products are still subject to the confirmation of the AMF.
Problems in Germany
The latest achievement of the BCB Group in France somehow presents itself as a silver lining after its botched acquisition of Stutor Bank. Its co-founder and then-CEO Oliver von Landsberg-Sadie blamed the failure of the deal with the 100-year bank due to regulatory delays in Germany and the changes in market conditions within the jurisdiction from its initial announcement of the acquisition in 2021 until its exit in June last year.
The dismal turn of events led to the immediate resignation of its former Deputy CEO Noah Sharp and von Landsberg-Sadie’s exit months later. Oliver Tonkin took over as CEO of the firm after the whole ordeal.
Tonkin is optimistic about the regulatory approval of the BCB Group in France. He considers it a game-changer for their business because it marks their first significant march forward in the wider European Economic Area (EEA) since Brexit in 2020.
The CEO likewise praised the way they were treated by the ACPR and AMF during the entire process.