On December 21st, according to CNBC reports, the cryptocurrency exchange platform Coinbase has succeeded in its registration with France's market regulatory authority, confirmed by a company spokesperson on Thursday. This milestone paves the way for the company to expand its services in another crucial European market. The Autorité des marchés financiers (AMF) granted approval to Coinbase as a Virtual Asset Service Provider (VASP), effectively giving the company the green light to operate digital currency services in France.
The VASP registration will allow Coinbase to provide custody of digital assets, fiat currency purchase or sale of digital assets, trading between digital assets, and operating a digital asset trading platform. The company stated in a declaration on Tuesday that regulatory bodies in European countries like France have been working to keep pace with the advancements in emerging technologies like crypto and blockchain, aiming to strike a balance between enhancing the potential of payment systems and transactions while ensuring consumer protection.
The European Union has been working on introducing the Markets in Crypto Assets (MiCA) regulations in its market, which would create a coordinated framework for regulated operation of crypto companies within the group's countries. According to MiCA, crypto companies may not have to obtain registration in every EU market but can use a VASP license from one country and provide their services “passport-style” in other countries.