Coinbase Secures Approval as Virtual Asset Provider in France

• Coinbase Receives Registration as a Virtual Asset Services Provider in France
• Crypto Business Attraction in France
• Benefits of Registration
• Regulatory Clarity Sought Across the Globe
• Coinbase's Global Presence
• Company Performance

Coinbase Receives Registration as a Virtual Asset Services Provider in France

Coinbase, a renowned cryptocurrency exchange, recently announced its registration as a Virtual Asset Services Provider in France. This new status permits the company to provide a comprehensive range of retail, institutional, and ecosystem products and services in the country. The registration was granted by the Financial Markets Authority (AMF).

Crypto Business Attraction in France

This development was made public on the same date that Circle, a stablecoin issuer, received conditional registration from AMF. France appears keen on attracting businesses in the cryptocurrency sector, presenting itself as an environment with superior regulatory clarity. Coincidentally, Coinbase is the third-largest crypto exchange by trading volume as per CoinGecko, falling behind only Binance and Bybit, both of which are also registered in France.

Benefits of Registration

Registration enables Coinbase to offer digital asset custody, purchase and sale of digital assets for fiat currency, and digital asset trading. As the European Union adopts the extensive Markets in Crypto Assets (MiCA) legislation set to take effect across the 27-nation bloc next year, France is positioning itself as an appealing destination for crypto companies.

Regulatory Clarity Sought Across the Globe

In the United States, Coinbase has been advocating for customized rules for the cryptocurrency sector from the Securities and Exchange Commission, a request the SEC recently described as unwarranted. In the interim, Coinbase expressed its intent to become regulated in countries that have clear policies for the industry.

Coinbase's Global Presence

Aside from its new registration in France, Coinbase holds licenses in other European Union regions, such as an e-money license in Ireland and registration in Spain. In October, it declared its intention to establish its EU hub in Ireland. This year, the company also obtained licenses to operate in Bermuda and Singapore.

Company Performance

Shares of Coinbase, listed on the Nasdaq, have risen by 30% this month, with an additional 1.4% increase to $164.5 recently.

Edited by Jonathan Stoker