Coinbase, one of the largest cryptocurrency exchanges in the world, has recently made a significant move by registering to provide cryptocurrency services in France. This announcement was made on December 21, signaling Coinbase’s expansion efforts and its commitment to offering its services to a global audience.
In a blog post accompanying the announcement, Coinbase revealed that it has received virtual asset service provider (VASP) approval from France’s Autorité des marchés financiers (AMF). This approval, also known as Prestataire de Services sur Actifs Numériques (PSAN), allows Coinbase to operate within the country and provide both retail and institutional services.
Expanding Services in France
With its new registration, Coinbase can now offer a range of cryptocurrency services in France, including crypto custody, crypto-to-crypto trading, as well as buying and selling crypto using cash. This move strengthens Coinbase’s position in the French market and opens up opportunities for the company to cater to the growing demand for cryptocurrency services in the country.
Prioritizing Security and Compliance
Daniel Seifert, Coinbase’s Vice President and Regional Managing Director for EMEA, expressed his enthusiasm for the registration, stating that it allows Coinbase to continue growing globally while ensuring the security of users’ assets and prioritizing compliance. This commitment to security and compliance reinforces Coinbase’s reputation as a reliable and trustworthy cryptocurrency exchange.
Coinbase also acknowledged the EU’s Markets in Crypto-Assets Regulation (MiCA) rules in its announcement. The company endorsed MiCA rules as a member nation of France, emphasizing that these regulations provide much-needed clarity in the industry and highlight the EU’s recognition of the potential of emerging technologies like cryptocurrencies.
Coinbase’s Expansion Efforts
In recent months, Coinbase has been actively expanding its presence in various regions. In August, the company extended its services to Canada, offering Canadian users access to its platform. Coinbase also obtained an AML license in Spain in September, further solidifying its position in the European market. Additionally, Coinbase selected Ireland as its MiCA hub in October, indicating its dedication to complying with EU regulations and serving its European customers.
Coinbase’s international arm, Coinbase International, recently introduced spot trading services on December 14, following its initial offering of futures trading. This expansion of services demonstrates Coinbase’s commitment to catering to the needs of its diverse user base.
With a trading volume of $2.6 billion in the past 24 hours, Coinbase’s continued growth and expansion efforts position it as a leading player in the cryptocurrency market. The company’s expansion into France further strengthens its global presence, offering French users access to reliable and secure cryptocurrency services.
Overall, Coinbase’s registration to provide cryptocurrency services in France is a significant milestone in its expansion journey. By prioritizing security, compliance, and embracing regulatory frameworks, Coinbase continues to pave the way for the mainstream adoption of cryptocurrencies while providing users with a seamless and trustworthy trading experience.
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