The first step for any actor wishing to act on digital assets in France is to register with the AMF as a Service Provider on Digital Assets (PSAN). This is the challenge that a Cameroonian FinTech start-up, Ejara, has just taken up. It develops a mobile application for buying and exchanging cryptocurrencies and obtained its registration on October 11th. Registration allowing it to offer its services on French territory.
Ejara, 54ᵉ actor to obtain the PSAN
To date, the AMF has registered only 3 players offering the 4 services, out of the 54 companies already registered as PSAN with the AMF. Ejara is therefore the 54ᵉ actor to obtain a registration for his activities in France. Registration relates to activities of holding digital assets, buying and selling digital assets for legal tender currency, and exchanging digital assets between them.
In addition to the compulsory nature of registration, it is above all its credibility and the broad guarantee of confidence that it procures that are sought. In fact, the checks carried out by the AMF on the good repute of managers and on AML procedures have the merit of reassuring public players and individual or institutional investors.
Who is Ejara?
Ejara, a Cameroonian start-up, is developing an application, Ejara.io, which allows you to buy and resell cryptocurrencies. The co-founder of the company, Nelly Chatue-Diop, HEC Alumni, went through Darty, Casino or even Betclic. There is no doubt that his specialization in machine learning applied to fraud detection has captured the full attention of AMF agents and played in his favor for registration.
But not only, the ambition of the Cameroonian Fintech is also to educate and train in digital markets. It is through a blog and especially Ejara School that the company offers free training services in video format. Tutorials, courses or practical advice, everything is done to facilitate exchange and understanding whatever the level of the reader. 3 level groups have been established from Beginner to Expert (coming soon according to the Ejara website).
The initial ambition of the start-up is obviously to be able to offer its services in the French-speaking part of the African continent, but also in France in order to benefit from an exchange of cultures already present.
Conclusion
The diversity of players registering in France can only be reassuring as to the attractiveness of the digital asset market. But also the attractiveness of France as a land of welcome for start-ups. Ejara will certainly not be the last start-up registered in France. The solutions that will be developed as registrations are made will respond even more convincingly to the demands of regulators and will have the intrinsic merit of reassuring investors. The increase in AMF registrations will raise the level of quality of the services offered.
We wish it to become an alternative to international money transfer companies which suffer from administrative delays, but are also hit by higher fees than those offered by the blockchain. Reading these elements, we can wonder if decentralized blockchain technologies will succeed in completely replacing Western Union.
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