Coinbase Granted Virtual Asset Service Provider Status in France

By: Eva Baxter

Cryptocurrency services giant Coinbase has successfully secured a registration to offer cryptocurrency services in France, according to a recent announcement. This development follows receipt of a virtual asset service provider (VASP) permit from Autorité des marchés financiers (AMF), the French financial markets regulator, solidifying its operational grounds within the country.

This registration, otherwise known as Prestataire de Services sur Actifs Numériques (PSAN), allows Coinbase to offer a range of retail and institutional services like crypto custody, crypto-to-crypto trading, and the purchase and sale of crypto in cash. Coinbase's endorsement of the EU's Markets in Crypto-Assets Regulation (MiCA) rules, applicable in member nation France, also surfaced in its announcement. The company acknowledges these regulations as a clear indication of the EU's recognition of emerging technology's potential.

In alignment with its global expansion strategy, Coinbase has been reinforcing its presence across various regions. The cryptocurrency powerhouse expanded its services to Canada in August, secured an AML license from the Bank of Spain in September, and picked Ireland as the hub for its MiCA strategy in October. Furthermore, Coinbase's international brand, Coinbase International, unveiled its spot trading services in December.