Coinbase, a leading cryptocurrency exchange, has recently obtained a VASP license from the Financial Markets Authority (AMF) in France. This acquisition marks a significant expansion for Coinbase, enabling it to offer various services, such as digital asset custody, trading, and operating a crypto trading platform. This move demonstrates Coinbase’s dedication to complying with legal standards and establishing its brand in the global market.
Daniel Seifert, vice president and regional managing director, EMEA, at Coinbase, stated that this achievement in France is crucial for Coinbase’s global expansion and its mission to onboard more people into the cryptocurrency sector :
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 consumer’s assets are secure and that compliance is prioritised.
French authorities, in line with other European regulators, have been working on balancing innovation in blockchain and cryptocurrency with consumer protection. The European Union’s MiCA regulation is an effort to create a unified cryptocurrency framework within the EU. The SEC, led by Gary Gensler, maintains a strict stance on crypto assets, categorizing most tokens as securities.
Coinbase’s establishment in France supports President Emmanuel Macron’s goal to make France a leading technology center. The French government’s investment of 34 billion euros in the “France 2030” project is set to boost the country’s presence in sectors like blockchain and AI.
Coinbase’s approach to cryptocurrency regulation contrasts with the SEC’s view. The company, under CEO Brian Armstrong, advocates for clear regulatory guidelines.
Simultaneously, Circle, a significant entity in the crypto market, received conditional regulatory approval in France. Circle’s full operation in France is contingent upon receiving a Payment Services Provider license.
The regulatory approvals for Coinbase and Circle in France signify a major shift in the European crypto regulatory environment and the increasing integration of cryptocurrency into the mainstream financial system.
