French regulatory authorities are granting approvals to foreign cryptocurrency firms as 2023 draws to a close, awarding licenses for crypto exchange Coinbase and stablecoin issuer Circle on Dec. 21.
Coinbase has reportedly obtained the Virtual Assets Service Provider (VASP) authorization from France’s financial regulator, the Autorité des Marchés Financiers. Having a VASP registration ensures that a company is compliant with European Union and international regulations.
With the license, Coinbase can custody digital assets and offer and facilitate crypto trading in the country. In addition, the exchange recently announced crypto trading services for institutional foreign investors via its international arm, enabling clients outside the United States to trade Bitcoin (BTC) and Ether (ETH) against USD Coin (USDC).
Meanwhile, Circle received a conditional registration as a Digital Asset Service Provider, subject to certain restrictions. To operate in France, the company must still receive approval as a Payment Services Provider. “This condition will be satisfied with the obtainment of an Electronic Money Institution license, for which Circle has applied,” Circle wrote in a blog post.
We have achieved a significant early milestone in establishing our European regulatory platform by securing a conditional DASP Registration in France and appointing a Head of French Operations, Ms. Coralie Billmann. Read more https://t.co/IAHY4L1hw8
— Circle (@circle) December 21, 2023
The approvals come at the end of a year marked by significant regulatory changes and legal hurdles for crypto firms. Since June, t
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Author: Ana Paula Pereira
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