May 29, 2024
France Beckons Crypto Giants
Latest Cryptocurrency News

Coinbase Secures French Registration: Expanding Services Amidst Crypto Regulatory Shifts

Coinbase (COIN) announced its attainment of registration as a virtual asset services provider in France, granting the ability to provide a full suite of retail, institutional, and ecosystem products and services within the nation. This registration, obtained through the Financial Markets Authority (AMF), aligns with stablecoin issuer Circle’s conditional registration on the same day, showcasing France’s intent to lure in crypto-centric enterprises.

Coinbase stands as the third-largest crypto exchange globally based on trading volume, trailing only Binance (also registered in France) and Bybit. With this registration, Coinbase gains the capacity to offer custody services for digital assets, facilitate the buying and selling of digital assets using fiat currency, and enable digital asset trading.

France’s proactive approach to attracting crypto businesses arises from the desire for regulatory clarity, contrasting the somewhat unclear landscape in the United States. The impending implementation of the Markets in Crypto Assets (MiCA) legislation within the European Union further underscores the push for a comprehensive regulatory framework, set to come into effect across the 27-nation bloc shortly.

Meanwhile, in the U.S., Coinbase has been advocating for specific regulations tailored to the crypto sector from the Securities and Exchange Commission (SEC). However, the SEC has dismissed these requests as ‘unwarranted‘. In response, Coinbase has expressed its intention to pursue regulatory compliance in jurisdictions that have established clear guidelines for the industry.

Coinbase’s regulatory portfolio extends beyond France, encompassing licenses in various European Union countries. This includes an e-money license in Ireland, registration in Spain, and plans to establish Ireland as its EU hub. Additionally, it has secured licenses to operate in Bermuda and Singapore this year.

Image by freepik

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