Coinbase has successfully obtained approval from the French financial market regulator, Autorité des marchés financiers (AMF), as a virtual asset service provider (VASP).
Key Takeaways
- Coinbase secures VASP approval from the French financial market regulator, AMF, facilitating its entry into the French crypto market.
- The approval empowers Coinbase to provide a full suite of crypto services in France, including custody of digital assets, buying and selling in legal tender, and digital assets trading.
- This strategic move is in line with Coinbase’s global expansion strategy, aiming to onboard a significant number of users into the crypto space while prioritizing security and compliance.
- Coinbase aims to tap into the growing demand for crypto services in France, targeting the 10% of French adults currently holding crypto assets and the 24% intending to engage in crypto activities within the next 12 months, as per a Toluna survey.
Coinbase Expands Presence in France
Coinbase, a leading cryptocurrency exchange, has achieved a significant milestone in its international expansion strategy by securing approval from the French financial market regulator, Autorité des marchés financiers (AMF).
This approval grants Coinbase the status of a virtual asset service provider (VASP) in France, allowing the platform to offer a comprehensive range of crypto services within the domestic market.
The VASP registration obtained on December 21 positions Coinbase to provide a diverse set of offerings in France, including custody services for digital assets, facilitating buying and selling activities in legal tender, and enabling digital assets trading against other cryptocurrencies.
#Bitcoin #Cryptonews #Ethereum #BTC #Crypto #Blockchain
— Cryptoverse (@CryptoverseEu) December 22, 2023
Coinbase Wins VASP Crypto Approval in France Ahead of MiCA https://t.co/sRIokBnbsc
Targeting the French Crypto Market
Coinbase’s move into the French market strategically aims to cater to the increasing demand for crypto services.
The approval positions Coinbase to serve the 10% of French adults who currently own crypto assets and the additional 24% who express intentions to buy, sell, or trade crypto within the next 12 months, as indicated by a recent Toluna survey.
This expansion comes at a crucial time as Coinbase faces challenges before, currently prepares to navigate the evolving regulatory landscape in the EU, aligning its operations with MiCA.
To Conclude
Coinbase’s successful acquisition of VASP approval from the French financial market regulator marks a strategic advancement in the company’s international expansion efforts.
The approval enables Coinbase to offer a comprehensive suite of crypto services in France, positioning it to address the growing demand in the market.
