Coinbase Obtains VASP Registration in France
Coinbase, one of the largest cryptocurrency exchanges in the world, has obtained VASP registration in France. This registration allows Coinbase to offer its suite of crypto products and services to retail, institutional, and ecosystem users in France. VASP stands for Virtual Asset Service Providers, which are intermediaries that provide services related to digital assets like cryptocurrencies and NFTs.
What are VASPs?
VASPs or Virtual Asset Service Providers are intermediaries that offer services related to digital assets. Many countries now require registration for legally offering these services. The definition of VASP was developed by the Financial Action Task Force (FATF), which is the global watchdog on money laundering and terrorist financing. In France, this definition served as a basis for the definition of PSANs (Provider of Services for Digital Assets).
The Importance of France for Coinbase
France is an important market for Coinbase, and obtaining registration as a PSAN allows them to operate in compliance with French regulations. France is one of the main European markets for cryptocurrencies, along with Germany and the United Kingdom. Coinbase’s choice to register in France may be part of their strategy to obtain necessary authorizations to operate in all European countries.
Coinbase’s Expansion Journey
In an official statement, Coinbase stated that registering as a PSAN in France is a milestone in their international expansion journey. They have launched an international platform separate from their original one, aimed at non-US users. With PSAN registration, Coinbase can offer regulated services such as custody of digital assets, buying and selling, and trading in France.
Hot Take: Coinbase Embraces Regulatory Clarity with VASP Registration
Coinbase’s registration as a PSAN in France demonstrates their commitment to compliance and the recognition of the potential of emerging technology. The new European regulation, MiCA, provides regulatory clarity to the crypto sector, allowing businesses to operate seriously within EU countries. Coinbase sees France as an innovative country with a thriving ecosystem of technological and web3 startups. By obtaining VASP registration, Coinbase can further expand its presence in Europe and offer regulated services to French users.
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