Coinbase, one of the leading cryptocurrency exchanges, has recently registered to offer its services in France. The company announced on December 21 that it has received approval from France’s Autorité des marchés financiers (AMF) to operate as a virtual asset service provider (VASP). This registration, also known as Prestataire de Services sur Actifs Numériques (PSAN), allows Coinbase to offer retail and institutional services within the country.
Coinbase expressed its excitement about obtaining VASP status in France, as it allows the company to continue its global growth and onboard more people into the world of crypto. Daniel Seifert, Coinbase’s VP and Regional Managing Director, EMEA, emphasized the importance of ensuring consumer’s assets are secure and compliance is prioritized. He also acknowledged France’s thriving web3 ecosystem and expressed his eagerness to contribute to it.
In its announcement, Coinbase also recognized the EU’s Markets in Crypto-Assets Regulation (MiCA) rules, which apply to France as a member nation. The company showed its support for these regulations, stating that they provide clarity and indicate the EU’s recognition of the potential of emerging technologies like cryptocurrencies. This endorsement further solidifies Coinbase’s commitment to operating within regulatory frameworks.
Coinbase has been actively expanding its services in various regions around the world. In August, the company extended its services to Canada, catering to the growing demand for cryptocurrencies in the country. In September, Coinbase obtained an AML license in Spain, strengthening its position in the European market. In October, the company selected Ireland as its MiCA hub, recognizing the country’s favorable regulatory environment.
Coinbase’s Phase II expansion efforts this fall have been instrumental in increasing its global presence and reaching new users. With its spot trading services launch in December, the company aims to offer a seamless trading experience to its customers. As one of the largest cryptocurrency exchanges, Coinbase has garnered a reputation for its reliability and security, handling a staggering $2.6 billion in trading volume in the past 24 hours, according to CoinGecko data.
Coinbase’s registration as a VASP in France marks another significant milestone in the company’s journey to revolutionize the cryptocurrency industry. By complying with regulatory requirements and expanding its services globally, Coinbase aims to onboard the next billion individuals into the world of crypto. As technology continues to evolve, Coinbase’s commitment to security, compliance, and innovation positions it as a key player in the digital asset space.