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Autorité des Marchés Financiers grants Coinbase a VASP license

Webp coinbase
Coinbase Chief Policy Officer Faryar Shirzad (left) and Coinbase Vice President and Regional Managing Director, EMEA Daniel Seifert | Creative Commons Attribution-Share Alike 3.0, linkedin.com/danielseifert

France's financial regulatory body, the Autorité des Marchés Financiers (AMF), has granted Coinbase a Virtual Asset Services Provider (VASP) license. The license will enable Coinbase to offer digital asset-related services to both retail and institutional users in France.

According to a post on the company's website dated December 12, 2023, Coinbase stated that the license would facilitate "custody of digital assets; buying and selling of digital assets in legal tender; the trading of digital assets against other digital assets". The post also emphasized France as "an important market for Coinbase" and lauded the nation as "a global magnet for innovation."

Daniel Seifert, Vice President and Regional Managing Director, EMEA, at Coinbase, said in a statement, "We’re focused on bringing the benefits of crypto to the world. Achieving VASP status in France allows us to continue to grow globally in the best possible way, onboarding the next 1 billion people into crypto while ensuring consumer’s assets are secure and that compliance is prioritised. France has a thriving web3 ecosystem and we are excited at the prospect of contributing to it."

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Founded in 2012, Coinbase handles approximately $76 billion in transactions per quarter according to its website. The company collaborates with 245,000 partners across more than 100 countries. Furthermore, Coinbase's Compliance Program integrates best practices from traditional finance with innovative technology.

Coinbase's Chief Policy Officer Faryar Shirzad noted in a post on X that "France is an extraordinary market, with world-class regulators, and a President who wants to make France an international digital asset hub."

France introduced a regulatory framework for digital assets through the PACTE law in 2019. This legislation established AMF as the supervisory authority over virtual tokens and DASPs as reported by Adan.

Binance became the first major global exchange licensed to operate in France when the AMF granted Binance France a DASP registration in May 2022, according to a post on Binance's blog.

Richard Teng, currently the CEO of Binance, spoke highly of France in an interview in June. He pointed out that France's progressive digital asset regulations have attracted an influx of crypto businesses. CoinDesk reported Teng as saying, "If you look at what Paris is doing, it is very conducive for businesses. Not only ourselves, a number of crypto players are trying to use Paris as their base for expansion within Europe."

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UK’s stringent crypto regulations spark debate as exchanges struggle to gain FCA approval

The UK cryptocurrency market continues to pose challenges for exchanges as they adapt to stricter regulatory requirements. Cryptocurrency exchange Bitget recently relaunched its UK platform after halting services in May 2024 to comply with the UK Financial Conduct Authority’s (FCA) Financial Promotions regime. This relaunch reflects Bitget’s efforts to align with the FCA’s evolving standards, aimed at enhancing consumer protection in the digital asset space.

Nov 24, 2024

Italy backtracks on crypto tax hike amid investor pushback

The Italian government recently announced a plan to increase the capital gains tax on bitcoin and other cryptocurrencies from 26% to 42%. This proposal, part of broader fiscal measures to support election pledges and reduce Italy’s fiscal deficit, has raised concerns among cryptocurrency investors and industry leaders.

Nov 24, 2024

European banking authority issues new guidelines for crypto providers to comply with restrictive measures

On November 14, the European Banking Authority (EBA) released comprehensive guidelines for Payment Service Providers (PSPs) and Crypto-Asset Service Providers (CASPs) to ensure alignment with European Union (EU) and national restrictive measures. These guidelines aim to reduce risks and strengthen compliance when transferring funds or crypto assets.

Nov 22, 2024

New crypto regulations aim to keep startups from 'sailing away' to the U.S.

The UK government is set to introduce new cryptocurrency regulations aimed at countering the growing appeal of the United States as a destination for crypto businesses. In response to concerns of regulatory delays following Brexit, the legislation focuses on establishing a clearer framework for stablecoins and staking activities, with the goal of strengthening the UK’s position as a global hub for digital assets.

Nov 22, 2024

OpenAI chooses Paris as its new home base

OpenAI, the world’s largest artificial intelligence company, has announced it will establish a new base in Paris.

Nov 20, 2024

Crypto investors sound alarm on UK’s capital gains tax hike and regulatory pressure

On October 30, UK Chancellor Rachel Reeves announced a capital gains tax (CGT) rate increase for high-income individuals, raising it to 24%. This change has raised concerns in the cryptocurrency community, where some investors fear that increased tax and regulatory pressures will diminish the UK's appeal for digital asset investment.

Nov 20, 2024

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