Regulatory Win for Coinbase in Europe
Coinbase has obtained Virtual Asset Service Provider (VASP) authorization from France’s financial regulator, the AMF, allowing it to operate in the country.
Emmanuel Macron’s Tech Investments
The French President, Emmanuel Macron, is working to establish France as a major hub for cutting-edge technologies such as AI and crypto, with substantial funding and backing.
Coinbase’s Strategic Expansion Move
Despite regulatory scrutiny in the US, Coinbase’s expansion into Europe is a strategic big move.
Custody of Digital Assets
Coinbase’s approval from French regulators allows users to securely store their digital assets, providing a secure and convenient way to manage their cryptocurrency holdings. Coinbase allows users to buy and sell digital assets using traditional fiat currencies.
Enabling Cross-Pair Trading
VASP approval enables Coinbase users to offer a range of services including custody, buying and selling of digital assets, trading, and operating a digital asset trading platform.
France’s Huge €34bn Investment
France is emerging as a leader in the crypto space, with the country’s commitment of €34 billion ($36.5 billion) over five years as part of its “France 2030” plan, including subsidies and state funding for technologies such as Web3.
Hot Take
Even after recent crypto price drops, data shows that 10% of French adults own crypto assets, with 24% planning to buy, sell, or trade crypto in the next year, highlighting France’s position as a major player in the global tech hub race led by President Emmanuel Macron.
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