US Crypto Exchange Coinbase Gets Regulatory Nod in France

By Jace Dela Cruz

Dec 22, 2023 01:57 AM EST

Cryptocurrency exchange Coinbase has successfully secured registration with France's financial markets regulator, the Autorité des Marchés Financiers (AMF), paving the way for the US-based company to offer crypto services in the French market. 

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(Photo : Justin Sullivan/Getty Images)
SAN ANSELMO, CALIFORNIA - JUNE 06: In this photo illustration, the Coinbase logo is displayed on a screen on June 06, 2023 in San Anselmo, California.

Coinbase Secures VASP Status

According to CNBC, the virtual asset service provider (VASP) approval given by France's AMF authorizes Coinbase to conduct digital currency services within France.

This regulatory nod allows Coinbase to provide a range of services, including the custody of digital assets, facilitating the buying or selling of digital assets in legal tender, trading digital assets against other digital assets, and operating a digital asset trading platform.

In a statement, Coinbase expressed the importance of this achievement, framing it as a pivotal milestone in their ongoing international expansion. The VASP approval from the French regulator aligns with Coinbase's broader strategy to extend its presence across Europe.

The company highlighted the services that the VASP status enables in compliance with the national legal framework and emphasized its commitment to offering these services to retail and institutional users in France. 

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Coinbase Gets Regulatory Approval in France

By securing regulatory approval in France, Coinbase aims to tap into this growing demand for digital assets and provide a platform for French users to access and engage with cryptocurrency under local regulations. 

"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," said Daniel Seifert, Vice President and Regional Managing Director, EMEA at Coinbase.

"France has a thriving web3 ecosystem, and we are excited at the prospect of contributing to it," he added.

According to a new survey by data firm Toluna, 10% of French adults currently own crypto assets, and 24% plan to buy, sell, and or trade cryptocurrency in the next 12 months. 

French President Emmanuel Macron wants to make the country a hub for technologies such as artificial intelligence (AI) and crypto, committing billions of euros in subsidies and state funding as part of the "France 2030" plan, which aims to make the nation a front runner in the so-called "web3," among other things.

READ MORE: JPMorgan Chase Says Ethereum Will Outperform Bitcoin, Other Cryptocurrencies in 2024

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