In a notable development, France is solidifying its status as a preferred destination for cryptocurrency firms, with Coinbase securing Visual Asset Service Provider (VASP) registration in the country. This strategic move allows the American cryptocurrency exchange to extend its comprehensive range of retail, institutional, and ecosystem products and services to users in France.
The announcement from Coinbase coincided with another significant move in the crypto space as Circle, a stablecoin issuer and a Coinbase stakeholder, revealed its own VASP registration in France on the same day. Circle is renowned for its USD-pegged USDC stablecoin.
Daniel Seifert, Vice President and Regional Managing Director, EMEA at Coinbase, emphasized the significance of achieving VASP status in France. He stated, “Achieving VASP status in France allows us to continue to grow globally in the best possible way, onboarding the next 1 billion people into crypto while ensuring consumer’s assets are secure and that compliance is prioritized.”
The thriving web3 ecosystem in France is seen as an appealing factor for Coinbase, as Seifert expressed excitement about contributing to it. According to a survey by Toluna, 20 percent of French adults currently hold cryptocurrencies, and an additional 24 percent express a desire to enter the asset class within the next 12 months. This data underscores the robust demand for cryptocurrency in the country.
France’s regulatory clarity has played a pivotal role in attracting numerous crypto brands to register within its borders. Binance, the world’s largest cryptocurrency exchange by trade volume, also holds registration in France, although it is reportedly under investigation in the country.
Coinbase, engaged in legal battles with the American securities market regulator, is strategically expanding its footprint in the European Union. The Nasdaq-listed company is regulated in Germany, Ireland, the Netherlands, Spain, and Italy. Germany serves as its talent hub, while Ireland is identified as its primary global regulatory center.
As the European Union prepares to implement the Markets in Crypto-Assets (MiCA) regulations, major trading brands are establishing regional operations. Robinhood recently launched its cryptocurrency trading operations in the EU. However, evolving crypto laws in the UK have compelled some companies to partially suspend their offerings.
