Recently, Coinbase, a major force in the cryptocurrency exchange market, achieved a significant regulatory milestone in France by obtaining the PSAN (Prestataire de services sur les actifs numériques) registration from the French Financial Markets Authority (AMF). This development marks a crucial step for Coinbase’s expansion of its cryptocurrency services in France.
The registration as a “Virtual Asset Service Provider” (VASP) by Coinbase in France.
This enables Coinbase to introduce a comprehensive suite of crypto services to the French market. France is becoming a sought-after location for crypto businesses. Coinbase’s French Market Foray Coinbase’s recent acquisition of the VASP, or PSAN, registration from the AMF signifies its commitment to expanding its presence in the French market. This authorization allows Coinbase to offer a range of services including the custody of digital assets, crypto-to-fiat transactions, and cryptocurrency trading.
Coinbase in their announcement emphasized, “With this VASP status, we can provide varied services to our French users, encompassing both individual and institutional clients, all within the boundaries of France’s legal framework.”
Coinbase’s Strategic Move in France
Coinbase’s statement also sheds light on the increasing popularity of cryptocurrencies in France. It mentions that around 10% of French residents currently hold cryptocurrencies, primarily Bitcoin, and about 24% are contemplating investing in them. Coinbase’s strategic move into the French market seems to be a response to this growing interest.
France as a Crypto Business Haven
France is positioning itself as a favorable destination for cryptocurrency enterprises, offering a more transparent and stable regulatory environment compared to the United States. This initiative aligns with the broader MiCA (Markets in Crypto Assets) regulation of the European Union, which is expected to be enforced throughout the 27-member bloc next year.
In addition to its expansion in France, Coinbase also boasts registrations and licenses in several other EU countries. This includes an electronic money license in Ireland and a recent registration in Spain, further cementing its presence in the European market.
