Coinbase Secures Crypto License in Europe: VASP Approval and Expansion Strategy
Coinbase, the cryptocurrency exchange, has achieved a significant regulatory milestone in Europe with its approval from the Autorité des marchés financiers (AMF), the French markets regulator. This approval allows Coinbase to provide a range of digital currency services in France under the AMF’s virtual asset service provider (VASP) registration.
The authorization from French regulators not only allows users to securely store their digital assets with Coinbase, but also provides them with a convenient way to manage their cryptocurrency holdings. Users can buy and sell digital assets using traditional fiat currencies like euros or dollars, making it easier for them to enter and exit the cryptocurrency market.
In addition to custody, buying and selling of digital assets, trading, and operating a digital asset trading platform, the VASP approval enables Coinbase users to offer a variety of services. This move comes as European regulators grapple with the challenges posed by emerging technologies like crypto and blockchain. The AMF’s decision to register Coinbase is seen as a positive step towards greater regulatory clarity in the region, which could foster further growth and innovation in the crypto industry.
France is positioning itself as a leader in the crypto space, with a commitment of €34 billion ($36.5 billion) over five years as part of its “France 2030” plan. This investment includes subsidies and state funding for technologies like Web3. Ledger, a prominent provider of crypto custody services, is based in France, and companies such as Circle, Binance, and Crypto.com have also established European bases in Paris.
Despite recent setbacks in the crypto market, with bankruptcies and collapses, data from Toluna shows that 10% of French adults currently own crypto assets, and 24% plan to buy, sell, or trade crypto in the next year. This growing adoption of cryptocurrencies highlights France’s position as a major player in the global tech hub race, driven by President Emmanuel Macron.
Tags: Crypto news, Cryptocurrency