Coinbase announced on Thursday that it has received the Virtual Assets Service Provider (VASP) approval from French regulator Autorité des Marchés Financiers (AMF). This authorisation allows the US-based crypto exchange to offer custodial and trading services to both retail and institutional investors in France in compliance with the country’s financial and market regulations, as well as European Union laws.
Daniel Seifert, the Vice President and Regional Managing Director for EMEA at Coinbase, commented: “We’re focused on bringing the benefits of crypto to the world. Achieving VASP status in France allows us to continue to grow globally in the best possible way, onboarding the next 1 billion people into crypto while ensuring consumer’s assets are secure and that compliance is prioritised. France has a thriving web3 ecosystem and we are excited at the prospect of contributing to it.”
A recent survey by market research firm Toluna revealed that 10% of the French adult population currently owns cryptocurrency, while 24% plan to buy, sell, and/or trade crypto over the next 12 months. The outlook combines with the regulatory clarity provided by the European Union’s MiCA to make France and the rest of the bloc an important market for Coinbase.
The firm is also striving for clarity in the United States. Coinbase recently filed an appeal against the US Securities and Exchange Commission’s (SEC) rejection of its petition for crypto rulemaking. The petition seeks new rules for crypto. The SEC denial of the filing had followed its lawsuit against Coinbase for allegedly offering unregistered securities.