Coinbase Receives VASP Registration in France
Cryptocurrency exchange Coinbase has announced that it has obtained a virtual asset service provider (VASP) registration in France. This registration allows Coinbase to operate in France and expand its presence across Europe, which is an important market for the company. Coinbase’s strategy of “going broad and going deep” involves launching foundational products worldwide while also developing localized infrastructure and services.
“Bonjour la France. We’ve received approval in France as a registered VASP. This is an important market for us and represents another chapter in our Go Deep, Go Broad international strategy.”
As a registered VASP, Coinbase can provide custody services for digital assets, facilitate the buying and selling of digital assets with legal tender, and enable the trading of digital assets against each other for both retail and institutional investors in France.
Increasing Demand for Crypto in France
A survey conducted by Toluna revealed that 10% of French adults currently own cryptocurrencies, and 24% plan to buy, sell, or trade crypto in the next year. Coinbase highlighted that the demand for cryptocurrencies is growing, driven in part by the belief among 60% of French adults that the global financial system favors powerful interests unfairly. Coinbase is committed to partnering with regulators in different jurisdictions, including France, to help modernize the financial system.
Commitment to European Markets
Coinbase has shown its commitment to the European markets by selecting Ireland as its MiCA entity location. MiCA (Markets in Crypto-Assets) provides regulatory clarity to the industry and demonstrates that the region recognizes the potential of emerging technologies. The recent adoption of MiCA by European Union policymakers is a significant moment for cryptocurrencies in the region and further strengthens Coinbase’s position in Europe.
Hot Take: Coinbase Expands Operations in France to Tap Into a Growing Crypto Market
Coinbase’s registration as a virtual asset service provider in France marks a significant milestone for the company’s international expansion plans. With a growing demand for cryptocurrencies in the country and favorable attitudes toward digital assets, France presents a lucrative market for Coinbase. By partnering with regulators and obtaining necessary approvals, Coinbase is positioning itself as a trusted and compliant platform for French investors. This move also aligns with Coinbase’s strategy to establish a strong presence across Europe. As the global financial system undergoes changes, Coinbase aims to play a pivotal role in updating and modernizing the industry.
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