- The step allows the crypto exchange to introduce diverse crypto services in the country.
- Coinbase will target the French retail and institutional crypto market.
Coinbase has obtained registration as a Virtual Asset Services Provider in France. This step enables the company to introduce retail, institutional, and ecosystem-oriented products and services within the French market.
This approval, granted by the Financial Markets Authority (AMF), mirrors the country’s proactive approach to attracting and fostering a conducive environment for crypto-centric businesses. It coincides with stablecoin issuer Circle also securing conditional registration, Coindesk reported.
Coinbase And French Crypto Market
The latest registration positions Coinbase to extend various services, including custody of digital assets. The crypto exchange will facilitate digital asset transactions with fiat currency and enable digital asset trading.
Last year, Crypto.Com and Coinbase achieved a pivotal milestone in their quest for global expansion, the Distributed reported. The regulatory agency in Italy, Organismo Agenti e Mediatori (OAM), approved both companies. This authorization enables them to extend their suite of services and products within the Italian market while adhering to local regulations.
See Related: Binance Italy’s Registration Has Been Approved(Opens in a new browser tab)
Strategic Milestone in Global Expansion
The approval extended to CryptoCom and Coinbase signaled a significant leap forward in Coinbase’s strategic growth plans. Kris Marszalek, the CEO, and Co-Founder of Crypto.Com, expressed enthusiasm about this initiative, highlighting the importance of Italian registration as a crucial advancement for CryptoCom.
This regulatory green light allowed for the distribution of compliant products and services by the companies in Italy, aligning with local regulatory requirements.
The country’s regulatory environment has attracted significant interest, evidenced by earlier approvals granted to industry giants like Binance. This nod to CryptoCom and Coinbase underscored Italy’s growing significance in the global crypto landscape.
