Cryptocurrency exchange Coinbase gained regulatory approval this week to provide digital asset services in France. According to the latest report from CNBC, the exchange has secured a virtual asset service provider (VASP) license from national regulators.
The registration comes as the company faces an increasingly fraught oversight battle in its home U.S. market. The contrast highlights France’s bid to become a global crypto leader.
- Secured key regulatory license from the French watchdog.
- Comes amid clashes with the SEC over crypto oversight.
- France is angling to become a crypto hub.
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Coinbase Prepares For European Expansion
Coinbase confirmed that the VASP authorization will let the exchange offer an array of crypto asset activities in France, like custody, trading, and payments.
The license should also eventually let Coinbase receive French clearance across the European Union once continent-wide crypto regulations take effect. That promises a vital foothold as the company looks to expand its European presence as adoption widens and rules evolve.
Coinbase and its crypto peers face an escalating oversight crackdown from the SEC, which is questioning whether major digital tokens constitute securities. The exchange blasted the SEC’s aggressive posturing as regulatory overreach stifling crypto innovation and clamored for unambiguous crypto guardrails.
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Against that adversarial backdrop, France’s embrace signals a compelling jurisdictional counterbalance where Web3 development is getting more acceptance and backlash.
France has begun embracing technology and Web3 with a commitment of over $36.5 billion. The investment includes state funding and subsidies as part of their bigger “Franc 2030” plan.
The news comes at the same time that stablecoin issuer Circle has secured conditional registration from France’s financial regulator to provide digital asset services in the country.