Digital asset custodian Hex Trust has expanded its regulated footprint in Europe, winning registration from France’s Autorité des Marchés Financiers (AMF) and Autorité de Contrôle Prudentiel et de Résolution (ACPR).

The Hong Kong-based firm can now provide digital asset custody and the buying, selling and trading of digital assets in France as well as Italy. It received equivalent registration from Italy’s Organismo Agenti e Mediatori (OAM) in June last year.

Hex Trust described registration in France as “a significant milestone” for its European expansion plans, in an emailed announcement on Wednesday.

Under new European Union laws set to take effect in 2024, exchanges and wallet providers licensed in one EU country such as the Netherlands – a more demanding process than registration that involves checks on governance and financial health – will be able to operate across the 27-nation bloc.

France has emerged as a favored destination for cryptocurrency firms, thanks to the country’s welcoming stance towards the industry, with tax cuts on crypto profits and a simplified registration processes with financial watchdogs.

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