In a significant move for the cryptocurrency industry, Coinbase, the prominent crypto exchange, has obtained crucial approval from the French financial market regulator, as revealed in a statement on Thursday.
This regulatory milestone positions Coinbase to enhance its presence in the European market, strategically positioning itself in advance of the Markets in Crypto Assets (MiCA) regime. MiCA aims to establish a comprehensive framework for crypto-native companies, facilitating the provision of regulated products and services within the European Union.
The announcement on December 21 confirmed that the Autorité des marchés financiers (AMF) granted Coinbase a Virtual Asset Service Provider (VASP) approval, authorizing the exchange to operate within the French market.
With the VASP registration, Coinbase gains the capability to offer French users a comprehensive suite of services, spanning retail, institutional, and ecosystem products. This encompasses the custody of digital assets, buying and selling digital assets in legal tender, and trading digital assets against other cryptocurrencies.
Daniel Seifert, Vice President and Regional Managing Director of EMEA at Coinbase, expressed enthusiasm for the achievement, emphasizing the prospect of contributing to France’s flourishing Web3 ecosystem. Seifert 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.”
According to the statement, Coinbase is poised to target specific user segments in France, including the 10% of French adults currently holding crypto assets and the additional 24% planning to engage in buying, selling, or trading cryptocurrencies in the next 12 months—a data point derived from a recent survey conducted by Toluna.
