Coinhares receives official approval to take over Napoleon Asset Management

Coinhares receives official approval to take over Napoleon Asset Management

The investment company for digital assets, CoinShares, announced on Tuesday that it has completed the takeover of a crypto company regulated by the EU and thus opens the door for the company to market its products and services throughout the region.

After receiving the approval by the French financial supervision amf on Sunday, Coinhares Napoleon Asset Management took over one of the first digital asset managers of the EU Alternative investment fund (AIFM) is regulated.

The takeover strengthens the offer of Coinshares by using Napoleon's investment strategies for algorithmic trade and artificial intelligence, the company said in a statement. The step also enables Coinshares to pursue its goal of developing into a full-service investment and trading group for digital assets that operate within a strong regulatory framework, it said.

As a licensed company under AIFM regulation, Napoleon is entitled to do business in other EU member states through the so-called “passport porting”.

As soon as it is regulated by one of the EU member states, passporting enables a company registered in the European Economic Area to operate in another state without further approval by the national regulatory authorities.

The transaction concludes an almost seven -month consultation with the regulatory authority after the takeover of Napoleon by co -shares based in Jersey in December. On November 30 of last year, Coinhares completed a purchase contract to fully acquire Napoleon and his subsidiaries for $ 14.5 million. The transaction was completed a little more than two weeks later, with the approval of the French supervisory authority. During this time, the EU experienced significant regulatory changes, including pioneering approval by political decision-makers for the law on markets for crypto-assets (mica) last week. Mica strives for the implementation of supervisory provisions, consumer protection and environmental protection measures.

The political decision-makers also agreed on a new legislative template at the end of the last month that aims to contain crypto money laundering activities by obliging stock exchanges and the like to collect and send customer data via transactions without a minimum threshold.

"According to the recent events in the digital asset sector, it was never clear that strong regulation can be necessary so that crypto can thrive," said Jean-Marie Mogetti, CEO of Coinshares, in the explanation and referred to the latest market turbulence that was triggered by the bankruptcy of the crypto creditor. Leastings.

"Our regulated status in a growing number of jurisdiction is one of the main strengths of coin shares; it calms our customers and demonstrates our plans to lead Europe's digital-asset sector," said the CEO.

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The Coinshares article receives regulatory nod to take over Napoleon Asset Management is not a financial advice.