Coinbase Expands European Footprint With Approval to Operate in France – Coinbase, a cryptocurrency exchange listed on Nasdaq under the ticker COIN, revealed on Thursday that it has secured approval as a registered virtual asset service provider (VASP) in France. This registration enables Coinbase to conduct operations in France, aligning with its expansion strategy across Europe.
The platform emphasized the significance of the French market and expressed dedication to collaborating with rigorous regulators globally to contribute to the evolution of the financial system. The company wrote on social media platform X: “Bonjour la France. We’ve received approval in France as a registered VASP. This is an important market for us and represents another chapter in our Go Deep, Go Broad international strategy.”
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Coinbase announced its strategy to “go broad and go deep” in February last year in an effort to scale globally. The firm detailed at the time that “go broad” entails launching “foundational products that are a gateway to Web3 and crypto in every country” while “go deep” concerns launching “localized infrastructure and public-facing products with a full suite of services.”
The Nasdaq-listed crypto firm described: “Today we have reached a significant milestone in Coinbase’s continued international expansion journey: receiving PSAN (VASP) approval from the French regulator, the Autorité des Marchés Financiers (AMF). This registration allows Coinbase to operate in France, continuing our plans to grow across Europe.”
In particular, attaining the VASP status empowers Coinbase to provide both retail and institutional investors in France with services including the secure custody of digital assets, the buying and selling of digital assets using legal tender, and the trading of digital assets against other digital assets. According to a recent Toluna survey, 10% of adults in France presently possess cryptocurrencies, while 24% intend to engage in buying, selling, or trading crypto within the next 12 months.
“Demand is increasing. And why wouldn’t it? Some 60% of French adults believe that the global financial system unfairly favors powerful interests,” said Coinbase. The crypto firm emphasized: “France is an important market for Coinbase. We are dedicated to partnering with high-bar regulators across jurisdictions to help update the financial system, and France is no different.”
Coinbase explained that it recently showed commitment to the European markets by choosing Ireland as its MiCA entity location. “The regulatory clarity MiCA provides to the industry is hugely welcome, and shows that the region is recognizing the potential that emerging technology can provide,” the exchange stated. “The recent adoption of MiCA by European Union policymakers also represents a pivotal moment for cryptocurrencies in the region.”