Coinbase, the prominent US-based cryptocurrency exchange, has secured regulatory approval from the Autorité des Marchés Financiers (AMF), the financial markets regulator in France. This approval allows Coinbase to extend its services, including digital asset custody and trading, to both individual investors and institutional clients in the country.

Regulatory Green Light: Coinbase’s VASP License in France

The announcement of Coinbase obtaining the Virtual Assets Service Provider (VASP) registration from the AMF marks a significant milestone for the exchange’s European expansion strategy. This approval allows Coinbase to align its offerings with the financial regulations in France and the broader European Union, ensuring compliance with regulatory standards.

Coinbase’s Path to Global Crypto Accessibility

Expressing the significance of this milestone, Daniel Seifert, Vice President and Regional Managing Director for EMEA at Coinbase, emphasized the exchange’s commitment to introducing crypto benefits on a global scale. Seifert highlighted the importance of secure asset management and regulatory compliance, stating the company’s eagerness to contribute to France’s thriving web3 ecosystem.

Coinbase’s push for international expansion coincides with a Toluna survey revealing that 10% of the adult population in France currently holds cryptocurrency. The survey additionally indicates that a quarter of French adults are considering buying, selling, or trading crypto in the coming year.

Balancing Expansion Efforts with Regulatory Challenges

While pursuing global expansion and seeking licensing in key regulatory jurisdictions worldwide, Coinbase remains engaged in legal battles to clarify the regulatory landscape in the United States. Recently, the exchange filed an appeal against the US Securities and Exchange Commission’s (SEC) rejection of its petition for crypto rulemaking. This petition aims to establish new regulatory frameworks for cryptocurrencies.

Coinbase’s efforts to obtain regulatory clarity in the US come after the SEC’s legal action against the exchange for allegedly offering unregistered securities, further spotlighting the ongoing struggle for regulatory understanding and compliance in the rapidly evolving crypto space.

Also Read: Bitcoin ETF Risks: Coinbase Sheds Light on Unanticipated Challenges

By admin

Leave a Reply

Your email address will not be published. Required fields are marked *