Coinbase, one of the largest cryptocurrency exchanges in the world, has recently announced its registration to provide cryptocurrency services in France. The company received approval from France’s Autorité des marchés financiers (AMF) to operate within the country. This registration, known as Prestataire de Services sur Actifs Numériques (PSAN), allows Coinbase to offer a range of services including crypto custody, crypto-to-crypto trading, and buying and selling crypto for both retail and institutional investors.
Daniel Seifert, Coinbase’s Vice President and Regional Managing Director for EMEA, expressed his excitement about achieving VASP status in France. He highlighted the importance of onboarding the next billion people into the world of crypto while ensuring the security of consumers’ assets and prioritizing compliance. Seifert also emphasized the thriving web3 ecosystem in France and Coinbase’s eagerness to contribute to its development.
Endorsement of EU Regulations
Coinbase also acknowledged the significance of the EU’s Markets in Crypto-Assets Regulation (MiCA) rules in its announcement. By endorsing MiCA rules, which apply to France as a member nation, Coinbase emphasized the clarity these regulations provide and the recognition by the EU of the potential of emerging technologies, including cryptocurrencies.
A Global Expansion Strategy
In recent months, Coinbase has been actively expanding its presence in various regions. The company extended its services to Canada, obtained an AML license in Spain, and selected Ireland as its MiCA hub. These strategic moves demonstrate Coinbase’s commitment to offering its services globally and positioning itself as a leading player in the cryptocurrency industry.
Phase II Expansion Efforts
Coinbase has broadly described its Phase II expansion efforts, indicating a strong focus on growth and innovation. With its international arm, Coinbase International, the company recently launched spot trading services after initially providing futures trading. This expansion allows Coinbase to cater to a wider range of traders and investors, providing them with more options and opportunities within the crypto market.
Coinbase’s continuous growth and expansion efforts have solidified its position as one of the largest cryptocurrency exchanges globally. According to CoinGecko data, the platform handled an impressive $2.6 billion in trading volume over the past 24 hours. This demonstrates the trust and confidence that traders and investors place in Coinbase’s platform, further bolstering its reputation in the industry.
The Future of Coinbase
As Coinbase continues to expand its services globally, its presence in France and endorsement of EU regulations further establish its credibility and commitment to providing secure and compliant cryptocurrency services. With its innovative offerings and commitment to growing the crypto ecosystem, Coinbase is well-positioned to shape the future of the cryptocurrency industry and contribute to the mainstream adoption of digital assets.
Coinbase’s registration to provide cryptocurrency services in France marks another milestone in the company’s global expansion efforts. With approval from France’s financial regulator and endorsement of EU regulations, Coinbase is now able to offer a comprehensive range of services to retail and institutional investors. As Coinbase positions itself as a leading player in the industry, its continued growth and commitment to innovation will significantly contribute to shaping the future of cryptocurrencies.