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The growth of the cryptocurrency industry over the past few years has raised some concerns among global watchdogs that most projects are unregulated. This prompted many regulators to start looking into the space, and many companies and protocols struggled to receive the appropriate regulation to legitimize their activities.
This is also true for the highly unregulated decentralized financial space, which is why when a particular project gets a proper license, it becomes a milestone.
This is the case with CryptoSimple, which recently became the last regulated DeFi solution in the European Union.
European regulation of CryptoSimple
After signing up and answering several simple questions regarding users’ understanding of digital assets, finance, and investing, CryptoSimple’s robo-advisor recommends a portfolio specific to the individual’s investor profile.
While this may simplify the process of entering the cryptocurrency space, it also raises some concerns among clients with low tolerance for risk due to the lack of proper regulation.
That may have changed now, as the team behind the project recently announced that it has become the last cryptocurrency-related protocol to be regulated by the European Union’s main financial authority – l ‘AMF.
By being officially labeled as a Digital Asset Service Provider (DASP), CryptoSimple is now the first such company to use decentralized finance.
The project underlined the importance of this development for its future users, especially as the launch date of its network approaches, which should be operational by the end of the year.
Predictably, CryptoSimple will initially be available to residents of the European Union, but the team is keen to work with other regulators – such as the FCA in the UK and the SEC in the US – to get there. develop abroad.
CryptoSimple aims to provide traditional investors with a simple, regulated and secure end-to-end digital asset solution. Its objective is to offer its users a diversified portfolio of cryptocurrencies using DeFi as a complementary solution to their traditional investment strategy.
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