A massive win for the crypto exchange, the AMF (Autorité des Marchés Financiers) registration allows Luno to facilitate the purchase, sale and exchange of digital assets and allows French users to trade on the platform.
What Does The AMF Registration Mean For Luno?
Cryptocurrency exchange Luno has been rewarded a digital asset service provider (DASP) registration, which was given to them by the French financial authorities. The registration is a huge step forward for the company as they look to expand into the European market.
Historically, it’s been difficult for companies to register in France, with the world’s largest crypto exchange, Binance, only winning their AMF registration in May this year. This adds to the significance of Luno’s progress, as they aren’t considered one of the big players in the digital currency exchange industry.
Luno was founded in 2013, around the advent of cryptocurrency, but was acquired in 2020 by Digital Currency Group, the parent company of the cryptocurrency news hub CoinDesk.
Luno Comments On The Registration
In an interview with CoinDesk, Luno’s global head of public policy, Thomas Tudehope discussed what the change meant for the company, "Prior to registration, we could only offer our services to French customers on a reverse solicitation basis."
He said, "This means that prospective customers had to approach Luno through their own initiative. The registration now enables us to offer our products and services directly to French customers resident in France.”
Luno’s ambitious plans for expansion don’t stop there, as they eye earning a license by the AMF, which would make them the first DASP to do so. Registration is a huge step, but if Luno can land an AMF license, they will be able to engage directly in marketing and increase their reach in France through direct marketing.
More About Luno
With a simplified cryptocurrency exchange backed by an innovative, easy-to-use app, Luno aims to bring cryptocurrency to the masses. The company has over 10 million registered users worldwide, many of whom reside in Africa.
The company has registered offices in Singapore, Cape Town, Johannesburg, Lagos, and Sydney, as well as the head office in London. Luno has a significant presence in Africa and boasts the title of the most prominent exchange on the continent.