Crypto exchange Coinbase has received approval as a registered virtual asset service provider in France. "This registration allows Coinbase to operate in France, continuing our plans to grow across Europe," the crypto platform detailed. "France is an important market for Coinbase … We are dedicated to partnering with high-bar regulators across jurisdictions to help update the financial system."
Coinbase Registered in France
Cryptocurrency exchange Coinbase (Nasdaq: COIN) announced Thursday that it has obtained a virtual asset service provider (VASP) registration in France. The company wrote on social media platform X:
Bonjour la France. We've received approval in France as a registered VASP. This is an important market for us and represents another chapter in our Go Deep, Go Broad international strategy.
Coinbase announced its strategy to "go broad and go deep" in February last year in an effort to scale globally. The firm detailed at the time that "go broad" entails launching "foundational products that are a gateway to Web3 and crypto in every country" while "go deep" concerns launching "localized infrastructure and public-facing products with a full suite of services."
The Nasdaq-listed crypto firm described: "Today we have reached a significant milestone in Coinbase's continued international expansion journey: receiving PSAN (VASP) approval from the French regulator, the Autorité des Marchés Financiers (AMF) … This registration allows Coinbase to operate in France, continuing our plans to grow across Europe."
Specifically, the VASP status allows Coinbase to offer retail and institutional investors in France the custody of digital assets, the buying and selling of digital assets in legal tender, and the trading of digital assets against other digital assets.
A recent survey by Toluna found that 10% of French adults currently own cryptocurrencies and 24% plan to buy, sell, and or trade crypto in the next 12 months. "Demand is increasing. And why wouldn't it? Some 60% of French adults believe that the global financial system unfairly favors powerful interests," said Coinbase. The crypto firm emphasized:
France is an important market for Coinbase … We are dedicated to partnering with high-bar regulators across jurisdictions to help update the financial system, and France is no different.
Coinbase explained that it recently showed commitment to the European markets by choosing Ireland as its MiCA entity location. "The regulatory clarity MiCA provides to the industry is hugely welcome, and shows that the region is recognizing the potential that emerging technology can provide," the exchange stated. "The recent adoption of MiCA by European Union policymakers also represents a pivotal moment for cryptocurrencies in the region."
What do you think about Coinbase expanding in Europe with approval to operate in France? Let us know in the comments section below.
Source: Bitcoin.com
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