Coinbase and Circle each expanded their European presences following regulatory approval from the French AMF.

Crypto exchange Coinbase secured a virtual asset service provider (VASP) license from France’s Financial Markets Authority (AMF) as it positions itself outside the U.S. and across European markets. 

The AMF’s approval authorizes Coinbase to do business as a digital asset trading venue, offering cryptocurrency trading, crypto-fiat pairs, and crypto custodial services, according to a Dec. 21 CNBC report and a company spokesperson.

Meanwhile, USD Coin (USDC) operator Circle announced conditional registration with the French AMF. CEO Jeremy Allaire said the company hopes to obtain a full Digital Asset Service Provider (DASP) from France’s financial watchdog. 

Both developments arrive ahead of the European Union’s (EU) Market in Crypto-Assets (MiCA) legislation. MiCA will take effect starting December 30, 2024. However, its stablecoin provisions will come into force from June 30 of the same year. 

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Author: Naga Avan-Nomayo

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