Coinbase secures crypto licence in France

Cryptocurrency exchange, Coinbase , has secured registration with the French markets regulator, as it seeks to expand globally

Cryptocurrency exchange, Coinbase , has secured registration with the French markets regulator, as it seeks to expand globally. France's AMF watchdog has given Coinbase virtual asset service provider (VASP) approval, a green light for the company to operate digital currency services.

Per the official announcement, the registration will allow Coinbase to offer its full suite of retail, institutional and ecosystem products and services to users in the country. The VASP registration will allow Coinbase to offer custody of digital assets, buying or selling digital assets in legal tender, trading of digital assets against other digital assets, and operating a digital asset trading platform. Officials from Coinbase stated that achieving VASP status in France allows it to continue to grow globally, onboarding the next one billion people into crypto, while ensuring consumers' assets are secure and that compliance is prioritised.

Looking to increase its footprint in European markets, the company has been in the process of expanding in Italy, Spain and France since last year. Crypto regulatory landscape in Europe French regulators, akin to others across Europe, are diligently adapting to the rise of new technologies such as crypto and blockchain. Their task involves striking a delicate balance, and acknowledging the potential enhancements these technologies bring to payment systems and trading, all while ensuring solid consumer protection measures.

On a broader scale, the European Union is actively developing the Markets in Crypto Assets (MiCA) regulation. This initiative aims to establish a cohesive framework, enabling crypto companies to operate under regulated conditions within the bloc. MiCA introduces a concept where crypto firms, armed with a Virtual Asset Service Provider (VASP) license from one country, can seamlessly 'passport' into others, streamlining their services across the entire EU.

The VASP registration represents a big move from US-based Coinbase to expand in Europe, which comes at an important time with the exchange facing a more uncertain regulatory environment in its home country. More from Coinbase In December 2023, US-based fintech Conio integrated Coinbase Prime as a liquidity broker, expanding the digital assets that Conio can offer. Conio aims to further solidify its position in the Italian digital asset market.

This includes support for up to 50 tokens on the Conio App by the end of 2023 and the launch of a project to extend its custody technology, already established for Bitcoin and Algorand, to EVM blockchains such as Ethereum, Polygon, and Avalanche. In October 2023, Coinbase obtained a Major Payment Institution (MPI) licence from the Monetary Authority of Singapore (MAS). This development, which came after an initial In Principle Approval, amplifies the commitment made by Coinbase to the Singapore market, enabling them to expand their provision of Digital Payment Token services to both individuals and institutions in Singapore.


Dec 22, 2023 13:42
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