- Coinbase has obtained Virtual Asset Service Provider (VASP) approval from French regulator Autorité des Marchés Financiers (AMF).
- The exchange is approved to provide cryptocurrency custody and trading services to retail and institutional investors.
Coinbase announced Thursday that it has received regulatory approval to offer cryptocurrency exchange services and products in France. As CoinJournal previously reported, stablecoin issuer Circle also obtained domestic regulatory approval.
Coinbase Receives Approval to Offer Cryptocurrency in France
The US-based cryptocurrency exchange announced that French regulator Autorité des Marchés Financiers (AMF) has approved its registration as a Virtual Asset Service Provider (VASP). The approval is a “significant milestone” in the exchange’s efforts to expand its services across Europe.
The VASP license allows Coinbase to offer digital asset storage and trading to both retail and institutional customers. These services are provided in compliance with applicable national financial and market regulations as well as European Union law.
Daniel Seifert, Vice President and Regional Managing Director, EMEA, Coinbase, said:
“We are focused on educating the world about the benefits of cryptocurrency. Achieving VASP status in France allows us to continue to grow globally in the best way possible, engaging the next billion people in cryptocurrency while keeping consumer assets safe and compliance a priority. France has a thriving web3 ecosystem and we are excited to contribute to it.,”
Coinbase focuses on global expansion
Coinbase’s regulatory approval in France follows a recent survey by market research firm Toluna, which found that 10% of the country’s adult population currently owns cryptocurrency. The study also found that nearly a quarter, or 24%, of French adults plan to buy, sell or trade cryptocurrencies in the next 12 months.
This outlook, combined with the regulatory clarity provided by the European Union’s MiCA, makes France, as well as the rest of the bloc, an important market for Coinbase.
Coinbase continues to pursue international expansion through licensing and registration applications in Tier 1 regulatory jurisdictions, while also focusing on working toward clarity in the United States.
As part of its latest efforts, the exchange filed an appeal of the U.S. Securities and Exchange Commission’s (SEC) recent decision to deny its petition for cryptocurrency regulation. The petition seeks new rules for cryptocurrencies.
The SEC’s rejection of the filing comes months after the SEC sued Coinbase for allegedly offering unregistered securities.