Coinbase VASP Crypto License Now Supports Exchange Expansion Plan

Key Points:

• French Financial Market Authority grants Coinbase approval as a virtual asset service provider (VASP), marking a strategic move.
• Coinbase VASP crypto license enables services like custody, trading, and operating a digital asset platform.
• Coinbase’s approval aligns with EU’s push for a unified crypto regulatory framework.

According to CNBC, Coinbase, the U.S.-based cryptocurrency exchange, has received approval from the French Financial Market Authority (AMF) to register as a virtual asset service provider (VASP). This move positions Coinbase to enhance its operations in the European market.

Read more: Select Circle French AMF Registration As A Digital Asset Service Provider Approved

Coinbase VASP Crypto License Approval by French Financial Market Authority

The newly granted Coinbase VASP crypto license enables the platform to provide services such as custody of digital assets, facilitating the buying or selling of digital assets in legal tender, conducting trades between digital assets, and operating a digital asset trading platform.

French regulators, adapting to the rapidly evolving landscape of cryptocurrencies and blockchain, are focused on striking a balance between harnessing the potential of these technologies to improve payment systems and trading while ensuring consumer protection.

Coinbase Expands European Presence with Enhanced Crypto Services

This approval aligns with the broader efforts within the European Union to establish a unified regulatory framework for crypto companies. The Markets in Crypto Assets (MiCA) regulation, currently in development, aims to create a harmonized system for crypto companies to operate across the EU without the need for separate registrations in each market.

Under MiCA, the Coinbase VASP crypto license can serve as a passport, allowing the company to extend its services seamlessly across EU countries. This strategic move comes at a crucial time for Coinbase, as the company faces an increasingly uncertain regulatory environment in its home country.

Coinbase’s expansion into Europe with the granted VASP license reflects a proactive approach to navigating the evolving global regulatory landscape, positioning the exchange for continued growth in the dynamic cryptocurrency market.