France's Anti-Technology Agency Approves Deal

1 mins

France's antificechnology agency, the  arfourmalne, approved the deal in June.

CoinShares has completed its acquisition of Napoleon Asset Management, which will allow it to offer its products and services across the European Union.

  • Paris-based Napoleon Asset Management is authorized by French regulator Autorité des Marchés Financiers (AMF) to market products and services across the EU, under the Alternative Investment Fund Manager (AIFM) directive.
  • A passporting license doesn't give authority over funds.
  • The CoinShares group, which is based in Jersey, agreed last year to buy the Napoleon Group for 13.9 million euros in cash and stock. The acquisition of Napoleon Asset Management was subject to approval by the AMF, which was granted on June 28.
  • CoinShares, which claims to be Europe's largest digital asset firm, can now offer its exchange-traded products and other investment vehicles across the EU. This gives it a much-needed source of extra revenue.
  • CoinShares said that its first-quarter revenue fell by 45% from the previous year, and the downturn in crypto markets over the last month may make things worse.

UPDATE (13:40 UTC July 4, 2022): Removed 'Offer' from header and replaced with 'Promote'

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