The exchange has obtained a new license from France's Autorite des marches financiers (AMF) to operate in the country, paving the way for the expansion of its business into Europe.
The operator is now among the virtual asset service providers (VASP), and now has the de facto green light to operate within French national borders, offering the custody of digital assets, their purchase and sale, as well as all possibilities of its trading platform.
The operation was made possible by a regulatory clarity that seems to increasingly attract CEXs from overseas, with the Markets in Crypto Assets (MiCA) offering a "safer" regulatory framework for companies that want to pursue this business, and that protects consumers at the same time.
Furthermore, instead of having to register with every EU market, crypto companies can now obtain a VASP license valid for the entire Union.
The opposite, in some ways, of what happens in the USA, and which probably encouraged COINBASE to approach the European market.
Furthermore, in the USA itself, it is above all the exchanges that are at the center of the sights of the regulatory authorities, as demonstrated by the BINANCE affair, with all the problems with the Department of Justice (DOJ), or Kraken, which continues to be ostracized by the SEC .
Coinbase itself has been implicated in a lawsuit by the SEC over its failure to comply with federal laws regulating financial assets, and the CEX is now engaged in a parallel campaign to obtain greater regulatory clarity from the same agency.
France increasingly a crypto hub in the EU
France, specifically, seems to have been chosen among the EU countries by virtue of its own openness, having in the last year focused on positioning itself more on new technologies on the initiative of the government. In fact, in 2023 in France there will be investments of 34 billion euros in a development plan (spread over 5 years) in the Web3 sector.
Furthermore, in addition to Coinbase, other important crypto companies also have their headquarters in Paris, such as Circle, Binance and Crypto.com.
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