East Meets West: Hong Kong's Hex Trust Secures French Crypto License

<p>While buzz
grows around the Middle East and Hong Kong as 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.</p><p>From Hong Kong to Europe:
Hex Trust Gets a License in France</p><p>The recent
regulatory turmoil in the cryptocurrency industry has led many firms from the
US and Europe <a href="https://www.financemagnates.com/cryptocurrency/binance-mulls-over-middle-east-focus-amid-regulatory-pressure-in-the-west/" target="_blank" rel="follow">to start relocating</a>, among other places, to Hong Kong. This time,
however, a firm from China's special administrative region decided to move to
Europe, thereby expanding its previous scope of activity.</p><p>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.</p><p>"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 <a href="https://www.financemagnates.com/terms/r/regulation/">regulation</a>, set up to regulate the digital
asset industry in the region by 2024."</p><blockquote><p lang="en" dir="ltr">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, &amp; the trading of digital assets against other digital assets.2/3</p>— Hex Trust (@Hex_Trust) <a href="https://twitter.com/Hex_Trust/status/1686635520116604929?ref_src=twsrc%5Etfw">August 2, 2023</a></blockquote><p>As new
cryptocurrency market regulations come into force in Europe in 2023, some countries
have begun to tighten their legislation and set higher requirements for digital
asset industry firms. As a result, for example, <a href="https://www.financemagnates.com/cryptocurrency/binance-shrinks-eu-presence-exits-netherlands-after-cyprus/" target="_blank" rel="follow">Binance was forced to reduce
its presence in Europe</a>. What is more, <a href="https://www.financemagnates.com/cryptocurrency/binance-france-under-probe-over-illegal-crypto-service-money-laundering-report/" target="_blank" rel="follow">company faces lawsuit</a> over potentially illegal activities in france since 2022.</p><p>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.</p><p>Can France Become European
Crypto Hub?</p><p>The
introduction of the Markets in Crypto Assets (<a href="https://www.financemagnates.com/tag/mica/" target="_blank" rel="follow">MiCA</a>), 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 took steps to support the sector's development.</p><p>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.</p><p>Yet, France
may encounter many foreign competitors on its way to become a crypto <a href="https://www.financemagnates.com/terms/h/hub/">hub</a>. Hong
Kong has <a href="https://www.financemagnates.com/cryptocurrency/hong-kongs-new-crypto-regime-kicks-in/" target="_blank" rel="follow">changed local laws</a> for this purpose, and the United Arab Emirates
(UAE) has recently issued <a href="https://www.financemagnates.com/cryptocurrency/bitget-joins-bybit-and-okx-in-newest-dubai-crypto-push-opens-local-office/" target="_blank" rel="follow">a record number of licenses</a>.</p>

This article was written by Damian Chmiel at www.financemagnates.com.