Coinbase has registered to offer cryptocurrency services in France, according to an announcement from the company 21st of December.
In an accompanying blog post, Coinbase stated that it has received approval from France’s Autorité des marchés financiers (AMF), allowing it to operate in the country. This registration is also called Prestataire de Services sur Actifs Numériques (PSAN).
Coinbase noted that it can now offer retail and institutional services including crypto custody, crypto-to-crypto trading, and buying and selling crypto for cash.
Daniel Seifert, Vice President and EMEA Regional Director of Coinbase, commented on the registration. He said:
“Achieving VASP status in France allows us to continue growing globally in the best possible way, introducing the next 1 billion people to crypto, while ensuring consumer assets are safe and that compliance is a priority. France has a thriving web3 ecosystem and we are excited about the prospect of contributing to it.”
Coinbase also acknowledged the EU’s Markets in Crypto-Assets Regulation (MiCA) rules in its announcement. The company endorsed the MiCA rules, which apply to France as a member state, claiming that these rules provide clarity and indicate that the EU recognizes the potential of emerging technology.
Coinbase aims to expand globally
Coinbase has established or expanded its presence in other regions in recent months. The company expanded its services to Canada in August, obtained an AML license in Spain in September and chose Ireland as its MiCA hub in October. Coinbase detailed its Phase II expansion efforts more broadly this fall.
In addition, the company’s international arm, Coinbase International, launched spot trading services on December 14, after initially offering futures trading.
Coinbase is one of the largest crypto exchanges. According to data from CoinGecko, the platform processed a trading volume of $2.6 billion in the last 24 hours.