France granted Coinbase license to operate

The French Financial Markets Authority (AMF) granted Coinbase, the cryptocurrency exchange, the license as a Virtual Asset Service Provider (VASP), marking a significant step for its expansion into another major European market.

This approval allows Coinbase to operate digital currency services in France, including the custody of digital assets, buying or selling digital assets in legal currency, trading between digital assets and operating a digital asset trading platform.

French regulators, like their European counterparts, are looking to balance the potential of cryptocurrencies and blockchain technology to improve payment and trading systems, while ensuring consumer protection. The European Union is working on the regulation of Markets in Crypto Assets (MiCA), which would provide a harmonised framework for crypto firms to operate regulated across the EU.

For US-based Coinbase, this VASP license represents a significant step forward for its expansion in Europe, especially at a time when it faces regulatory challenges in its home country.

Recent actions by US regulators have affected cryptocurrency companies, and the approval in France gives Coinbase the opportunity to operate in a more stable environment in Europe.

K. Tovar

Source: Criptotendencia

(Reference image source: Kanchanara, Unsplash)

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