(CTN News) – Coinbase, the cryptocurrency exchange, has successfully obtained registration with the French markets regulator, as confirmed by a company spokesperson on Thursday. This achievement allows Coinbase to expand its services in another significant European market.
The approval from France’s AMF watchdog, as a virtual asset service provider (VASP), essentially grants Coinbase permission to operate digital currency services within the country.
Coinbase’s VASP registration enables the company to provide custody services for digital assets, facilitate the buying and selling of digital assets using legal tender, engage in trading digital assets against other digital assets, and operate a digital asset trading platform.
This announcement was made in a statement released by the company on Thursday.
Similar to other European regulators, French authorities have been striving to keep up with the rapid advancements in technologies such as cryptocurrencies and blockchain.
They aim to strike a balance between harnessing the potential of these technologies to enhance payment systems and trading, while also ensuring consumer protection.
The European Union has been actively working on the introduction of the Markets in Crypto Assets (MiCA) regulation. This regulation aims to establish a unified framework for regulated operations of crypto companies within the bloc.
Once MiCA is implemented, crypto companies will no longer need to obtain registration in each individual EU market. Instead, they will be able to utilize their VASP license from one country and “passport” into other EU countries, allowing them to offer their services across the entire European Union.
Coinbase’s registration as a VASP in Europe marks a significant expansion for the US-based company, especially given the uncertain regulatory environment in the US.
US regulators have recently taken strong actions against cryptocurrency companies, with Binance reaching a settlement with the Department of Justice and the SEC filing lawsuits against Coinbase and Binance.
In response, Coinbase is emphasizing its compliance with financial regulations and advocating for clear regulations tailored to the crypto industry.
France, on the other hand, is positioning itself as a technology leader and has committed significant investments to establish itself as a global tech hub.
France is also home to Ledger, a major player in the cryptocurrency industry.