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France, Gives VASP Approval for Coinbase! France’s financial regulator, Autorite des Marches Financiers (AMF), has granted virtual asset service provider (VASP) approval to cryptocurrency exchange Coinbase. This approval will enable Coinbase to expand in France and enter a significant European market.
In its statement, Coinbase stated that the VASP approval will allow the company to offer custody of digital assets, buy or sell digital assets in legal tender, trade digital assets against other digital assets, and operate a digital asset trading platform.
Like other European regulators, French regulators are trying to follow the development of innovative technologies like cryptocurrency and blockchain. These steps aim to improve payment systems and ensure consumer safety at the same time.
The European Union is working to implement the Crypto Asset Markets (MiCA) regulation, which will provide a framework for crypto asset companies to operate. Under the MiCA regulation, instead of registering separately in each EU market, crypto companies can obtain VASP licenses from one country and be able to serve in other countries and expand these services throughout the EU.
U.S.-based Coinbase, while continuing regulatory uncertainties in its home country, also secures its presence in Europe with the VASP registration it received from France.
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The SEC has sued many cryptocurrency exchanges, including Coinbase. Coinbase, stating that it is trying to be compliant with financial regulations, reacted to the SEC’s claims. It also stated that the SEC is trying to regulate companies through sanctions instead of setting clear rules, and that new rules for cryptocurrencies need to be introduced in the U.S. to put an end to this. As a result, France granted this permission for Coinbase!
Coinbase also announced that it has raised a budget of 78 million dollars for the US Presidential elections to be held in November 2024, together with many leading names and companies from the crypto industry, to elect a crypto-friendly candidate. It is uncertain to what extent Coinbase and the crypto advocates supporting the budget will affect the elections, but anti-crypto policy makers and regulatory pressures continue unabated.