Last December distributed ledger technology was presented to and approved by the Council of Ministers in France with the caveat that Blockchain may not be used for listed securities as this sector is governed by EU law. The aim was to improve the industry’s transparency, authentication and speed, all at a lower cost.
Enter Arizen, the parent company of Coinhouse, formally la Maison du Bitcoin. Founded in 2017, Arizen has reportedly become the first French cryptoasset platform to receive a financial investment advisor license, the Conseiller en investissement financier (CIF).
Led by CEO Nicolas Louvet, Arizen has been granted the financial investments advisor license, part of the company’s strategic direction that aims to guide and support clients in their investments, now including cryptoassets. Arizen indicated that French investors are becoming more interested in cryptoassets such as Bitcoin, viewing crypto as a “financial product that resembles a store of value.”
“We are proud to be the first European 100% crypto company to receive the CIF license,” shared Louvet. “It is an important milestone to build up confidence between classic financial operators and fintech groups like Coinhouse.”
Since early 2018, Arizen said that it had noted an increased crytoassets interest and demand from institutional investors -especially family offices and large accounts.
“Our first meetups in 2014 drew no more than 10 people, most of whom were software engineers. Fast forward to 2018, where a single meetup in the town of Nantes gathered more than 200 people, mostly non-techies,” blogged Coinhouse Marketing Manager Bryan O’Hagan on Medium earlier this summer. “Each year, the number of people coming through the door grew. We organised many events attracting more people, more press, and even more institutional actors.”
The new license allows Arizen to give better investor protection and advise clients for a diversification of one’s cryptoassets portfolio based on investors’ risk profile and cryptofunds’ opportunities.
With the CIF license, Arizen joined the Chambre Nationale des Conseillers en Investissements Financiers (CNCIF); ultimately Arizen sees this new license as helping legitimize cryptoassets as a new asset class within the financial industry, as well as provide a regulated approach for Coinhouse to sell these assets to banks, insurances, funds and assets management companies.
“The CIF license is a first step in the Coinhouse regulatory strategy. The company will facilitate the rising adoption of cryptoassets within the financial industry by offering more investor protection through this license,” indicated the platform. “While several countries have put together a strategy to seduce crypto entrepreneurs, France has been slow in laying down clear rules and regulations to encourage the development of this new industry, which is about to permanently transform our financial ecosystem.”
Coinhouse currently serves more than 100,000 users from across Europe. Crowdfund Insider has reached out to Coinhouse regarding negative support updates tweeted @coinhouse.eu; the platform noted that this handle is a scam and customers should be directed to @CoinhouseHQ. “We do provide support, through mail and telephone!” reiterated the platform via email.