Introduction
Crypto exchange Coinbase has achieved a significant milestone in its international expansion plans by receiving approval as a registered virtual asset service provider (VASP) in France. This approval allows Coinbase to operate in France and further expand its presence in Europe. The company is dedicated to partnering with high-bar regulators across jurisdictions to contribute to the updating of the financial system.
Coinbase's International Expansion Strategy
In February last year, Coinbase unveiled its strategy to "go broad and go deep" as part of its global scaling efforts. "Go broad" involves launching foundational products that serve as gateways to Web3 and crypto in every country, while "go deep" focuses on launching localized infrastructure and public-facing products with a comprehensive range of services.
VASP Approval in France
Coinbase has obtained VASP registration from the French regulator, the Autorité des Marchés Financiers (AMF), marking a significant milestone in its international expansion journey. With this registration, Coinbase can offer retail and institutional investors in France custody services for digital assets, as well as facilitate the buying, selling, and trading of digital assets using legal tender or against other digital assets.
Growing Demand for Cryptocurrencies in France
A recent survey conducted by Toluna revealed that 10% of French adults currently own cryptocurrencies, while 24% plan to engage in crypto-related activities within the next 12 months. Coinbase highlighted that the increasing demand for cryptocurrencies is driven by the belief of 60% of French adults that the global financial system unfairly favors powerful interests.
Commitment to Regulatory Compliance
France is a crucial market for Coinbase, and the company is committed to partnering with high-bar regulators across jurisdictions to update the financial system. Coinbase has also demonstrated its dedication to European markets by selecting Ireland as its MiCA entity location. The adoption of the Markets in Crypto-Assets (MiCA) framework by European Union policymakers represents a pivotal moment for cryptocurrencies in the region.
Conclusion
Coinbase's approval as a registered VASP in France is a significant step towards its goal of expanding its operations in Europe. The company's commitment to partnering with regulators and its focus on providing comprehensive services to investors demonstrates its dedication to the growth and development of the cryptocurrency industry. As Coinbase continues to navigate the ever-evolving digital landscape, its presence in France will undoubtedly contribute to the overall advancement of the financial system.
What are your thoughts on Coinbase's expansion in Europe and its approval to operate in France? Share your opinions in the comments section below.
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By: Kevin Helms
Title: Coinbase Receives Approval as Registered Virtual Asset Service Provider in France
Sourced From: news.bitcoin.com/coinbase-expands-european-footprint-with-approval-to-operate-in-france/
Published Date: Sat, 23 Dec 2023 07:30:29 +0000
