Bitcoin Spot Exchange Registered As Virtual Asset Service Provider In Francebr>
Institutional-focused bitcoin spot exchange LGO has been registered as a Virtual Asset Service Provider (VASP) in France by the Autorité des Marchés Financiers (AMF), the country’s securities regulator.
Live since April 2019, LGO serves more than 60 institutions in 20 different countries and offers a market microstructure based on order batching in order to guarantee fair price discovery. With offices in the US and in France, LGO has been selected in the FrenchTech 120 as one of the French global technology leaders of tomorrow.
The VASP registration, which will become mandatory for any company offering crypto services as of January 2021, will allow LGO to offer both digital asset custody and fiat-to-crypto brokerage. France introduced the VASP program in January following the passing of Plan d’Action pour la Croissance et la Transformation des Entreprises (PACTE – Action Plan for Business Growth and Transformation) in the country. LGO is one of only 3 companies to be registered as a VASP.
According to company, the registration opens a wealth of possibilities for both institutional and retail clients, and shows a maturation in the regulatory space as well as for LGO, as it seeks to do more for clients in 2020 and beyond.
“We are thrilled to be registered as a Virtual Asset Service Provider in France, my native country,” said Hugo Renaudin, CEO and Co-Founder of LGO. “We want to be able to provide our services to as many people in France as possible, and this way, both institutional and retail clients will be able to custody and trade their capital more securely on our spot exchange and with the confidence that it will be regulated properly.”