Crypto Banking Firm BCB Group Secures Digital Asset and Electronic Money License in France

France will serve as BCB’s regulatory base in Europe.

The payment company was authorized as an Electronic Money Institution and Digital Asset Service Provider.

Jerome Prigent was appointed MD of BCB Europe in December to support the company’s expansion in the region.

BCB Group, a payment processor that connects crypto firms to the banking system, said in a press release on Monday that it plans to expand in Europe following regulatory approval in France.

The firm said BCB is authorized by the country’s two main financial regulators, ACPR and AMF, to act as an Electronic Money Institution (EMI) and Digital Assets Service Provider (DASP).

Companies wishing to issue, manage or provide electronic money in France must apply to the ACPR for an electronic money institution license. EMIs can also provide payment services. Similarly, companies that provide digital asset services such as storing or trading cryptocurrencies in the country also need a DASP license from the AMF.

BCB’s EMI product is now available to customers, while the DASP offering is expected to be launched as soon as possible, subject to AMF approval.

The acquisition of the license follows the recent appointment of Jerome Prigent as managing director of BCB Europe in December. He was hired to help expand the company into the region.

BCB said France’s clear rules for responsible innovation in fintech and digital assets and its dynamic banking and financial services ecosystem were behind the company’s decision to choose the country as its European regulatory base.

The company said the authorization granted by the country’s regulators will enable BCB to grow its institutional product offering in Europe and enable the company to collaborate with virtual asset service providers (VASPs), TradFi institutions and other market participants.

BCB Group CEO Oliver Tonkin said in the statement: “This will be a game changer for BCB Group and will allow us to expand our footprint into the EEA for the first time since Brexit.” “We have been very impressed with our relationship with French regulators and look forward to integrating ourselves into the developing blockchain ecosystem in France,” he added.

This isn’t the company’s first foray into Europe. BCB abandoned its planned acquisition of Germany’s 100-year-old Sutor Bank last June, more than a year after it was first announced, due to regulatory delays and changing market conditions.

BCB’s former CEO, Oliver von Landsberg-Sadie, left the firm last November to pursue new opportunities. His departure comes just five months after Deputy CEO Noah Sharp left the job following the failed acquisition of Sutor Bank.

UPDATE (April 29, 2024, 13:25 UTC): Adds additional detail from BCB.