The SwissBorg exchange becomes the first Swiss company to obtain a PSAN registration with the Autorité des marchés financiers (AMF). It will now be able to run advertising campaigns on French soil.
SwissBorg joins the ranks of PSANs
On Tuesday, the cryptocurrency exchange and stacking platform SwissBorg obtained from the Autorité des marchés financiers (AMF), its registration as a service provider on digital assets (PSAN).
With this news we feel your collective YES! SwissBorg is now registered with the AMF France’s financial markets authority as a DASP or PSAN (digital asset servicing provider).
YesAreSwissBorg pic.twitter.com/fGpeUZzWsk– SwissBorg (@swissborg) April 12, 2022
This is important news for this ecosystem player. It allows it to operate in France in full compliance with the regulations, as well as to be able to offer advertising campaigns in the country.
Indeed, while the French are free to use any platform they wish, even if it is not PSAN, it will have to be registered if it wishes to specifically target our market in its marketing.
In addition to Swissborg, two other companies obtained their PSAN registration on Tuesday: Mon Livret C and Klub.ki, both based in France
A first for a Swiss platform
This is the first time that a Swiss platform has obtained this title from the AMF. It is not the first foreign company, however, as Bitpanda, from Austria, and LiteBit, from the Netherlands, both have also been registered.
In total, 36 names are on the AMF list at the time of writing.
Justine Lamberger, regulatory affairs officer at Swissborg, stressed the importance of cooperating with regulators: “
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At SwissBorg, we have always paid close attention to regulations, licensing and security measures. We believe that any financial organisation worth its salt should do so, whether it is involved in digital assets or traditional finance. “
While it is likely that the European Union will end up taking inspiration from this French status and extending it to the whole of its territory, the platform is taking the lead in order to get into the good graces of the regulators. Although Switzerland is not concerned for its own territory.
This is an interesting strategic choice on the part of the Swiss exchange, which can now target its communication in a country in which 30% of the population would consider getting into cryptocurrencies.
