According to CNBC, the cryptocurrency exchange Coinbase has received a license from the French Financial Markets Authority (AMF) to become a Virtual Asset Services Provider (VASP). With this latest license, Coinbase is authorized to provide custody services, buy/sell digital assets with fiat currency, and operate its trading platform in France’s rapidly growing cryptocurrency market.
Coinbase secures crypto license in France, pushing deeper in Europe amid rift with the SEC https://t.co/hvHdNVzGay— CNBC (@CNBC) December 21, 2023
Coinbase’s registration with the Financial Markets Authority (AMF) coincided with the announcement of stablecoin issuer Circle receiving conditional registration from the regulator. This development aligns with France’s strategic efforts to attract and accommodate a greater influx of cryptocurrency enterprises.
Coinbase is the third-largest crypto exchange by trading volume, according to CoinGecko, surpassed only by Binance and Bybit. The approval in France marks a significant step in Coinbase’s global market expansion plan. This move also signifies a victory in the competition against Binance France, which is currently under investigation for serious money laundering allegations and internal personnel disputes.
France is actively seeking to entice cryptocurrency companies to seek regulatory certainty, a feature currently lacking in the United States. The European Union has recently enacted the Markets in Crypto Assets (MiCA) legislation, a comprehensive framework that will come into effect across its 27 member nations next year.
Meanwhile, in the United States, Coinbase has been advocating for specialized regulations for the cryptocurrency sector from the Securities and Exchange Commission (SEC). However, the SEC has dismissed these requests as “unwarranted.” In the meantime, the exchange has said it wants to become regulated in countries with clear policies set out for the industry.