Crypto Exchange Coinbase (COIN) Secures VASP Approval in France

Table of Contents

• Coinbase Granted VASP Approval
• 10% of French Adults Own Crypto
• Dedicated to its “Go Deep, Go Broad” Strategy

Cryptocurrency exchange Coinbase received approval to act as a Virtual Asset Service Provider (VASP) in France. The registration allows it to offer a range of retail, institutional and ecosystem products, and services. 

One of the world’s largest crypto exchanges, Coinbase, obtained its VASP registration in France and is building on its plans to expand across Europe. 

Coinbase Granted VASP Approval

Coinbase announced that it received registration to offer its crypto services in France to both retail and institutional clients.

In a blog post, the exchange said:

“…Coinbase has obtained its VASP registration in France, known as the ‘PSAN - Prestataire de Services sur Actifs Numériques’, and issued by the AMF (Autorité des Marchés Financiers). This registration will allow Coinbase to offer our full suite of retail, institutional, and ecosystem products and services to users in France.” 

The milestone registration allows Coinbase to offer the following services operate in the country in compliance with French legislation:

• Custody of digital assets;
• Buying or selling digital assets in legal tender;
• The trading of digital assets against other digital assets.

Coinbase’s registration was announced on the same day the stablecoin issuer Circle received conditional registration from the French Financial Markets Authority (AMF). 

10% of French Adults Own Crypto

Demand for crypto in France rises as the European Union prepares to launch its MiCA regulation. Coinbase announced that it chose Ireland as its EU MiCA hub, marking a crucial step in its international expansion plans. 

“Due to our existing operational structure in Ireland, we have access to deep talent pools with significant expertise in both financial services and innovative new technologies. Ireland is a leading jurisdiction in this space, and we look forward to working with regulators in Ireland, Germany and other key EU member states, to bring this industry to its full potential with the advent of MiCA,” the exchange said.

According to a survey by Toluna, 10% of French adults own crypto assets, while 24% plan to buy, sell, or trade crypto in the next 12 months.

Daniel Seifert, Vice President and Regional Managing Director, EMEA at Coinbase, commented on Coinbase French registration:

“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.” 

Dedicated to its “Go Deep, Go Broad” Strategy

Coinbase’s registration marks another step in its “Go Deep, Go Broad” international expansion strategy. The exchange first mentioned its expansion strategy when it received registration with the Bank of Spain as a crypto exchange and wallet provider. In September, the exchange also received approval from the Bermuda Monetary Authority, enabling perpetual futures for eligible non-US retail customers. Following a string of regulatory approvals, Coinbase secured a Major Payments Institution (MPI) license from the Monetary Authority of Singapore (MAS). 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.