Osborne Clarke advised and assisted NOOWU S.A.S, a provider of SAAS solutions for large French groups and publisher of Alterplan, a crypto-asset solution, in obtaining its DASP (Digital Asset Service Provider) registration (No. E-2022-59) with the Autorité des marchés financiers ("AMF") and the Autorité de contrôle prudentiel et de résolution ("ACPR").
Based in Reims, France, NOOWU S.A.S is a technology company that publishes Alterplan, an investment solution that makes custody, purchase/sale of crypto-assets and exchange of crypto-assets and which will be officially launched in early 2023. As part of its activities, NOOWU S.A.S has been registered by the AMF and the ACPR to provide the services of (1) custody of digital assets, (2) purchase/sale of digital assets in legal tender and (3) exchange of digital assets for other digital assets.
In this regard, Loïc Mackpayen, President and co-founder of NOOWU S.A.S, says: "We would like to thank the AMF and the ACPR as well as our Osborne Clarke advisors for this registration as a PSAN, which is a crucial step for the implementation of our crypto-investment product Alterplan. We strongly believe in the potential of crypto assets in the long term to install trust and transparency thanks to their inherently decentralized functioning. This also requires simplifying access to these new markets via trusted intermediaries, which Alterplan aims to be."
Karima Lachgar, partner at Osborne Clarke, added: "NOOWU's registration as a DASP in a particularly challenging market environment and an increasingly demanding regulatory context demonstrates the willingness of the AMF and ACPR to continue to allow the most responsible and robust players to access the French crypto-asset market, pending the implementation of the European MICAR framework. This nevertheless assumes an excellent level of preparation by applicants for DASP registration or approval."
Within the framework of its DASP registration, NOOWU S.A.S was advised by Karima Lachgar (partner), Maia Steffan (mid-associate) and Olivier Laurette (Outsider C) for the negotiations and exchanges with the competent authorities, the elaboration of the registration file (program of operations, procedures of selection of digital assets, legal qualification of the activities), the legal and regulatory review of the anti-money laundering and counter-terrorism financing ("AML/CFT") procedure, and the contractualization with the third-party service providers.