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The growth of the cryptocurrency industry in the past few years brought some concerns among global watchdogs that most projects have remained unregulated. This pushed many regulators to start looking into the space, and many companies and protocols have strived to receive the proper regulation to legitimize their businesses.
This is also true for the highly unregulated decentralized finance space, which is why when a particular project gets a proper license, it becomes a significant milestone.
Such is the case with CryptoSimple, which recently became the latest regulated DeFi solution in the European Union.
CryptoSimple’s EU Regulation
Upon signing up and answering several simple questions in regards to the users’ understanding of digital assets, finance, and investment, CryptoSimple’s robo-advisor recommends a portfolio specific to the individual’s investor profile.
While this could simplify the process of entering the cryptocurrency space, it also broaches some concerns among clients with a small risk tolerance due to the lack of proper regulation.
That might have changed now, as the team behind the project recently announced that it had become the latest cryptocurrency-related protocol to be regulated by the leading financial authority in the European Union – the AMF.
By being officially labeled as a Digital Asset Service Provider (DASP), CryptoSimple is now the first such company that employs decentralized finance.
The project outlined the significance of this development for its future users, especially as the launch date of its network nears, as it should be live by the end of the year.
Somewhat expectedly, CryptoSimple will be initially available for residents of the European Union, but the team wants to work with other regulators – such as the FCA in the UK and the SEC in the US – to expand abroad.
CryptoSimple aims to provide traditional investors with an end-to-end, simple, regulated, and secure digital asset solution. Its goal is to offer its users a diversified cryptocurrency portfolio utilizing DeFi as a complementary solution to their traditional investing strategy.
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