- Expanding crypto services compliantly, Coinbase gains VASP approval in France.
- Toluna survey reveals rising demand; 24% plan crypto involvement in next year.
- Regulatory clarity, tech innovation make France vital for Coinbase’s international growth.
Coinbase, a leading crypto exchange, has achieved a significant milestone in its global expansion efforts by obtaining VASP (Virtual Asset Service Provider) registration in France.
The approval, granted by the Autorité des Marchés Financiers (AMF), enables Coinbase to operate under the designation of ‘PSAN – Prestataire de Services sur Actifs Numériques’ in compliance with French regulatory standards.
This development marks a strategic move for Coinbase in its quest for international growth, allowing the platform to extend its full suite of retail, institutional, and ecosystem products and services to users across France.
The VASP status permits Coinbase to engage in various crypto-related activities within the legal framework, including custody of digital assets, buying or selling digital assets in legal tender, and trading digital assets against other digital assets.
Recent findings from a Toluna survey reveal a growing interest in cryptocurrency among French adults, with 10% already owning crypto assets and 24% expressing intentions to buy, sell, or trade cryptocurrency in the next 12 months. The survey also highlights a widespread belief (60%) that the global financial system unfairly favors powerful interests.
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France is a key market for Coinbase, aligning with the company’s broader international expansion strategy. The decision to obtain VASP registration in France complements Coinbase’s recent choice of Ireland as its MiCA entity location, underscoring its dedication to regulatory compliance and partnership with high-bar regulators across jurisdictions.
As France positions itself as a global hub for innovation, Coinbase’s entry into the market aligns with the country’s reputation for embracing technological advancements. The recent adoption of the Markets in Crypto Assets (MiCA) regulations by European Union policymakers further enhances regulatory clarity for the crypto industry in the region, providing a welcoming environment for Coinbase’s expansion.
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