©Reuters
PARIS – Coinbase (NASDAQ:), the leading cryptocurrency exchange, took an important step in its international expansion efforts by today obtaining Virtual Asset Service Provider (VASP) status from the Autorité des marchés financiers. financial markets (AMF) in France. This development marks a strategic step for the company, which seeks to expand its reach in the European market amid a stricter regulatory environment in the United States.
The VASP status granted by the AMF allows Coinbase to operate with greater legitimacy and provides a regulatory framework within which it can offer its services to customers in France. Recognition by French authorities is essential as Coinbase navigates an increasingly complex environment with the US Securities and Exchange Commission (SEC).
In addition to obtaining AMF approval for cryptocurrency offerings, Coinbase has also been authorized for the custody of digital assets and the facilitation of crypto-to-crypto transactions in France. These passporting rights granted after registration with the AMF allow Coinbase to serve major European markets.
In line with its broader strategy to strengthen its presence in Europe, Coinbase has chosen Ireland as its EU regulatory hub. The company has an e-money license and VASP registration from the Central Bank of Ireland. This establishment in Ireland and France demonstrates the growing importance of regulatory compliance for cryptocurrency platforms looking to expand globally.
Moving forward, the Markets in Crypto-Assets (MiCA) regulation is expected to introduce a unified framework for crypto companies across the EU by December 2024. This regulatory development could potentially provide additional opportunities for Coinbase to further consolidate its position on the European market.
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