Coinbase obtained the Virtual Assets Service Provider (VASP) approval from French regulator Autorité des Marchés Financiers (AMF).
The exchange has approval to offer crypto custody and trading services to retail and institutional investors.
Coinbase has received regulatory approval to offer its crypto exchange services and products in France, the firm announced on Thursday. As CoinJournal reported earlier, stablecoin issuer Circle also obtained a regulatory nod in the country.
Coinbase gets approval to offer crypto in France
The US-based crypto exchange said in its announcement that French regulator Autorité des Marchés Financiers (AMF) has granted it the Virtual Assets Service Provider (VASP) registration. The authorisation is a “significant milestone” in the exchange’s quest to expand its services across Europe.
The VASP licence allows Coinbase to offer digital assets custody and trading to both retail and institutional customers. These services will be available in compliance to the country’s financial and market regulations, as well as European Union laws.
Daniel Seifert, the Vice President and Regional Managing Director for EMEA at Coinbase, said:
“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. France has a thriving web3 ecosystem and we are excited at the prospect of contributing to it,”
Coinbase eyeing global expansion
Coinbase’s regulatory approval in France comes as a recent survey by market research firm Toluna showed that 10% of the French adult population currently owns cryptocurrency. The study also revealed that nearly a quarter of French adults, or 24%, have plans to buy, sell, and or trade crypto over the next 12 months.
The outlook combines with the regulatory clarity provided by the European Union’s MiCA to make not just France but the rest of the bloc an important market for Coinbase.
While it continues to seek international expansion with applications for licences and registrations in tier 1 regulatory jurisdictions, Coinbase is also focused on fighting for clarity in the United States.
In its latest effort, the exchange filed an appeal against a recent decision by the US Securities and Exchange Commission (SEC) to reject its petition for crypto rulemaking. The petition seeks new rules for crypto.
The SEC denial of the filing came several months after it sued Coinbase for allegedly offering unregistered securities.
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