In a significant development, Coinbase, the leading US-based cryptocurrency exchange, has successfully obtained a license to operate as a Virtual Asset Service Provider (VASP) in France. This achievement positions Coinbase as a registered entity under the supervision of the Autorité des marchés financiers (AMF), the French financial markets authority. While global crypto exchange Binance has garnered international approval outside the United States, Coinbase appears to be on a parallel trajectory, particularly in light of heightened scrutiny from the US Securities and Exchange Commission (SEC).
As the third-largest cryptocurrency firm globally in terms of trading volume, Coinbase is now empowered to provide a range of products and services, catering to retail, institutional, and ecosystem needs within the French market.
Additionally, this recent registration opens avenues for Coinbase to extend its custody services for digital assets, facilitating both buying and selling transactions, as highlighted in an official blog post by the exchange.
Daniel Seifert, Vice President and Regional Managing Director of EMEA at Coinbase, expressed the company’s commitment to global expansion while emphasizing the importance of ensuring asset security and compliance. Seifert stated, “We’re focused on bringing the benefits of crypto to the world. 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 consumers’ assets are secure and that compliance is prioritized. France has a thriving Web3 ecosystem.”
This development comes in the wake of France’s invitation to crypto entities to establish their operations outside the United States earlier in May. Notably, this invitation coincided with the European Union’s (EU) final approval of MiCA — a comprehensive set of regulations designed to uniformly govern the digital assets sector across all EU regions.
Coinbase has explicitly acknowledged the significance of the regulatory clarity brought about by MiCA laws in the European Union, citing it as a crucial factor contributing to the growth of its business in the region. The Coinbase blog noted, “The recent adoption of MiCA by European Union policymakers represents a pivotal moment for cryptocurrencies in the region. The regulatory clarity MiCA provides to the industry is hugely welcome.”
