As France swiftly adopts crypto regulations, decentralized finance (DeFi) protocol Atlendis has secured a prestataires de services sur actifs numeriques (PSAN) license and a $1.1 million loan from the country’s public investment bank.
Due to its supportive stance, France is rapidly becoming a preferred location for crypto companies. The country has now gone further and supported the DeFi ecosystem by granting a €1 million (approx. $1.1 million) loan to Atlendis.
DeFi Protocol Atlendis Obtains PSAN License
According to Decrypt, Atlendis obtained the PSAN license, or a digital assets service provider (DASP) license, required to commence crypto business in the country. Atlendis also secured a $1.1 million loan from Banque publique d’investissement (BPI), the French public investment bank.
The DASP registration will allow Atlendis to offer flexibility to its customers, such as setting up wallets that are linked with bank accounts. The direct connection with the bank account could remove the friction of DeFi’s complex user experience and help onboard non-crypto users to DeFi.
The CEO of Atlendis, Alexis Masseron, believes that France has some of the clearest crypto regulations in the world.
Indeed, the country is becoming one of the favorite choices of crypto companies. BeInCrypto reported in April that companies like Crypto.com and Circle have chosen Paris as their European base.
Click here to learn more about benefits and drawbacks of crypto regulation.
Moreover, traditional finance companies have also jumped into the crypto bandwagon. Recently, the crypto arm of French bank Société Générale secured a license to offer crypto trading.
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