Coinbase secures virtual asset service provider status in France

Coinbase has registered to provide cryptocurrency services in France, according to an announcement from the company on Dec. 21.

In an accompanying blog post, Coinbase stated that it has received virtual asset service provider (VASP) approval from France’s Autorité des marchés financiers (AMF), allowing it to operate within the country. That registration is also known as Prestataire de Services sur Actifs Numériques (PSAN).

Coinbase noted that it can now provide retail and institutional services including crypto custody, crypto-to-crypto trading, and buying and selling crypto in cash.

Daniel Seifert, Coinbase’s vice president and regional managing director, EMEA, commented on the registration. He said:

“Achieving VASP status in France allows us to continue to grow globally in the best possible way, onboarding the next 1 billion people into crypto while ensuring consumer’s assets are secure and that compliance is prioritised. France has a thriving web3 ecosystem and we are excited at the prospect of contributing to it.”

Coinbase also acknowledged the EU’s Markets in Crypto-Assets Regulation (MiCA) rules in its announcement. The company endorsed MiCA rules, which apply to France as a member nation, asserting that these rules provide clarity and indicate that the EU recognizes the potential of emerging technology.

Coinbase aims to expand globally

Coinbase has established or expanded its presence in other regions in recent months. The company expanded services to Canada in August, obtained an AML license in Spain in September, and selected Ireland as its MiCA hub in October. Coinbase more broadly described its Phase II expansion efforts this fall.

Furthermore, the company’s international arm, Coinbase International, launched spot trading services on Dec. 14 after initially providing futures trading.

Coinbase is among the largest crypto exchanges. The platform handled $2.6 billion in trading volume over the past 24 hours, according to CoinGecko data.