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Autorité des Marchés Financiers grants Coinbase a VASP license

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

By Crypto Republique

Jan 11, 2024

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."

More News

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Sep 16, 2024

Alpha Architect announces insights on private investment volatility

Alpha Architect announced Larry Swedroe's insights on the impact of spreading volatility in private investments. The research shows that private equity's infrequent valuations can smooth returns, leading to underestimated risks and over-allocation.

Sep 14, 2024

European Crypto Initiative Team said: MiCA is 'critical... to regulate the rapidly evolving crypto-asset market with the EU.'

The European Crypto Initiative (EUCI), a blockchain advocacy group, said that the MiCA Regulation aims to create a harmonized regulatory framework for crypto-assets. EUCI shared their statement on a September 6th post on X.

Sep 13, 2024

The European Crypto Initiative Team: 'Big changes are coming to the crypto world in the EU, and it all starts with #MiCA'

The European Crypto Initiative (EUCI), a European blockchain advocacy group, stated that the Markets in Crypto-Assets (MiCA) regulations are poised to bring significant changes to the crypto world within the European Union. EUCI shared their statement on September 4 via a post on X.

Sep 6, 2024

Dimitrios Psarrakis, former EU Economist, on U.S. crypto regulations: ‘I see the footprint of MiCA in every suggestion.’

Dimitrios Psarrakis, a former EU economist, stated that U.S. lawmakers are attempting to align with the EU's crypto regulations as established by the Markets in Crypto-Assets legislation. Psarrakis shared his statement in an August 26 video posted by the European Crypto Initiative on X.

Sep 5, 2024

Kaiko, Research Team of Kaiko Smart Data, said FDUSD’s market share ‘increase is notable’

Kaiko, a Paris-based crypto market data provider, reported that the stablecoin FDUSD saw a "notable" increase in its market share on Binance, the largest crypto exchange in the world by trading volume, at the end of July. Kaiko shared this statement in an August 19 post on its website.

Sep 2, 2024

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