The third largest cryptocurrency exchange platform, Coinbase, recently obtained registration as a Virtual Asset Service Provider in France. This approval, issued by the Autorité des marchés financiers (AMF), enables Coinbase to offer a full range of products and services to both individuals and institutions, strengthening its presence in the European market.
European expansion: Coinbase strengthens its presence in France
Coinbase recently announced its registration as a Virtual Asset Services Provider in France, issued by the Autorité des marchés financiers (AMF). This approval paves the way for the provision of a “full range of products and services” in the country, marking a strategic step in the platform’s European expansion.
Coinbase, seeking to align itself with clear policies established for the cryptocurrency industry, has found France to be fertile ground for expansion. This strategic move comes at a time when the company, third largest in terms of trading volume according to CoinGecko, is pursuing its commitment to becoming regulated in countries with well-defined guidelines for the sector. A notable divergence from its current battle with the Securities and Exchange Commission (SEC) in the USA, where bespoke rules are currently being debated.
Regulatory strategy: Coinbase chooses regulatory clarity in France
While Coinbase continues to battle with the Securities and Exchange Commission (SEC) in the US for bespoke rules, the platform is taking a different direction by actively seeking regulation in countries offering clear policies for the cryptocurrency industry. France, with its proactive approach, thus becomes a strategic choice for Coinbase in its quest for regulatory clarity.
The simultaneous approval of Coinbase and Circle as Virtual Asset Service Providers in France underlines the European nation’s growing appeal for cryptocurrency businesses. While the US debates specific rules with the SEC, France offers an environment conducive to innovation and growth for industry players. The decision also comes in light of the European Union’s Markets in Crypto Assets (MiCA) legislation, which comes into force next year.
Coinbase’s approval in France marks a crucial step in the platform’s European expansion, highlighting the company’s regulatory strategy and underscoring France as a preferred destination for cryptocurrency businesses seeking regulatory clarity.
