This week, Deblock became the first PSAN-registered company to be approved as an Établissement de Monnaie Électronique by the Banque de France. What does this mean for the company?
Deblock obtains its “Établissement de Monnaie Électronique” approval from the Banque de France
On Monday, the teams behind crypto app Deblock revealed that the company had been approved by the Banque de France’s Autorité de Contrôle Prudentiel et de Résolution (ACPR) as an Établissement de Monnaie Électronique (EME).
This new step makes the company the first Digital Asset Service Provider (DASP) to obtain such approval:
Milestone Moment
Deblock has been approved by the Banque de France as an Electronic Money Institution.
This marks a significant step for us, as we are the only financial institution in France to own both a PSAN registration and an EMI License.
: https://t.co/j3k9wa0v8S.. pic.twitter.com/fYO4sAB6aD
– Deblock (@DeblockApp) November 27, 2023
In short, this approval, which comes 5 months after PSAN registration, will enable Deblock to provide payment services to its customers. The application can also be seen as a Web3 wallet with certain banking functionalities.
At the time of writing, it is not yet possible to use Deblock’s services. However, the company has already taken the necessary legal steps with the relevant authorities, so the official launch could take place soon:
We are working closely with the regulatory authorities to launch Deblock as quickly as possible. Our goal is to launch in France by the end of 2023, subject to ACPR and AMF approval. “
In addition, the app will offer a non-custodial Web3 wallet, allowing its users to retain ownership of their cryptocurrencies.
It will also be possible to pay for everyday expenses entirely in cryptocurrencies, given that an IBAN will be offered just like a payment card. In fact, you’ll be able to load your euro current account by selling cryptos to pay for day-to-day expenses with the Deblock bank card.
As for the payment card, it will also be possible to personalize it with one of the company’s non-fungible tokens (NFT), provided you take out a Deblock subscription or own an NFT from the company. The various subscription formulas provide for degressive fees according to each type of operation performed by the user.
On the other hand, Deblock’s FAQ also specifies that, for the time being, the application’s services can only be provided to people whose tax residence is in France, although international development is envisaged for the future.
While crypto regulation is still in its infancy to enable Web3 start-ups to provide financial services, it will be interesting to observe the emergence of solutions similar to Deblock in the future, as neobanks have done before them.
