Cryptocurrency exchange Coinbase has secured approval as a virtual asset services provider by obtaining registration with the French market regulator, CNBC reported.
The VASP registration will allow the company to manage digital assets, buy or sell digital assets with fiat currency, and trade digital assets with other digital assets, CNBC said, citing a statement Thursday.
Earlier this month, Coinbase’s plans to grow outside the U.S. took a step further by allowing non-U.S. institutions to use the cryptocurrency exchange for spot trading. The company’s international arm, which began offering derivatives trading to institutional clients outside the U.S. earlier this year, said it plans to launch more comprehensive services to retail clients while adding digital assets to its platform.
Coinbase Dispute with SEC
In the United States, Coinbase has been involved in a long-running dispute with the Securities and Exchange Commission, including an enforcement action for allegedly operating as an unregistered exchange. CEO Brian Armstrong has spoken out calling for clear rules to ensure the country’s innovation is not stifled or pushed overseas.
Also on Thursday, stablecoin issuer Circle said it had received regulatory clearance in France.
Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.
© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.
About the author
MK Manoylov has been a reporter for The Block since 2020, joining just before Bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for publications covering all cryptocurrency-related news, preferring NFTs, metaverse, web3 games, fundraising, crime, hacking, and cryptocurrency ecosystem stories. MK holds a graduate degree from New York University’s Science, Health, and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. X You can follow MK at @MManoylov and on LinkedIn.