Coinbase Secures VASP Approval in France: Details

Cryptocurrency exchange Coinbase has received virtual asset service provider (VASP) approval from the French Financial Markets Authority (AMF).

This approval enables Coinbase to offer custody services for digital assets, conduct buying or selling of digital assets in legal tender, engage in digital asset trading against other assets, and operate a digital asset trading platform in France.

This strategic move by Coinbase aims to expand its presence in Europe, particularly in light of the uncertain regulatory landscape in the United States.

France, positioning itself as a technology leader, is adapting to new technologies like cryptocurrency and blockchain, and Coinbase’s approval aligns with the country’s push for regulatory advancements and technological innovation.

At the European Union level, efforts are underway to introduce the Markets in Crypto Assets (MiCA) regulation. This regulation aims to establish a unified framework, allowing cryptocurrency companies to operate in a regulated manner across the EU. Under MiCA, companies can utilize their VASP license in one country and “passport” in others, offering services across the European Union.

France is already home to prominent cryptocurrency companies such as Ledger, Circle, Binance, and Crypto.com, making Paris an attractive European base for these businesses.

Image Credit: Shutterstock