France is emerging as a favored destination for cryptocurrency firms, with Coinbase being the latest company to secure a Visual Asset Service Provider (VASP) registration in the country.
This development enables the American exchange to extend its “full suite of retail, institutional, and ecosystem products and services to users in France.”
Coinbase’s announcement coincided with Circle, a stablecoin issuer, also revealing its VASP registration in France. Notably, Coinbase holds a stake in Circle, which is renowned for its USD-pegged USDC stablecoin.
Daniel Seifert, the Vice President and Regional Managing Director for EMEA at Coinbase, expressed his enthusiasm, stating, “Achieving VASP status in France allows us to continue to grow globally in the best possible way, onboarding the next 1 billion people into crypto while ensuring consumers’ assets are secure and that compliance is prioritized.”
He also highlighted France’s flourishing web3 ecosystem and the company’s excitement about contributing to it.
A recent survey conducted by Toluna revealed that 20 percent of French adults currently hold cryptocurrencies, while an additional 24 percent expressed their intent to enter the asset class within the next 12 months, underscoring the high demand for cryptocurrencies in the country.
France’s regulatory clarity has served as a significant catalyst, attracting numerous crypto brands seeking registration in the nation.
Even Binance, the world’s largest cryptocurrency exchange by trading volume, has obtained registration in France, although it is reportedly facing regulatory scrutiny in the country.
Simultaneously, Coinbase is bolstering its presence within the European Union as it navigates legal challenges with the American securities market regulator.
The Nasdaq-listed company has established regulatory footing in Germany, Ireland, the Netherlands, Spain, and Italy.
Germany has become its talent hub, while Ireland serves as its primary global regulatory hub.
The impending implementation of the Markets in Crypto-Assets (MiCA) regulations in the EU has spurred many prominent trading brands to establish regional operations.
Recently, Robinhood launched cryptocurrency trading services in the EU.
However, crypto regulations in the UK have compelled some companies to partially suspend their offerings in that market.