- Coinbase received regulatory approval from France’s financial regulator to provide digital asset services in the country, enabling it to offer crypto services to customers there.
- The approval comes as Coinbase expands globally, adding support for more cryptocurrencies and offering services to retail and institutional investors outside the US.
- Coinbase’s international growth follows an ongoing dispute with the SEC in the US over allegations it improperly listed securities, leading the company to seek opportunities abroad.
Coinbase has received regulatory approval from France’s financial markets regulator to provide digital asset services in the country. This approval will allow the cryptocurrency exchange to offer a range of crypto-related services to customers in France.
Background on Coinbase’s International Expansion
The approval from France’s regulator comes as Coinbase continues its push to expand its operations globally. Earlier this month, the exchange enabled its international arm to offer spot trading to institutional clients outside of the US.
Coinbase has also been working to offer more services to retail investors and add support for additional cryptocurrencies on its platform. The exchange aims to grow its user base and revenue outside of its home market in the United States.
Details of Coinbase’s Regulatory Approval in France
According to the regulatory approval, Coinbase will be able to provide the following digital asset services in France:
- Custody of digital assets
- Buying or selling digital assets in exchange for legal tender
- Trading of digital assets against other digital assets
The approval was granted by the Autorité des Marchés Financiers (AMF), France’s financial markets regulator.
Coinbase’s Dispute with the SEC in the United States
Coinbase’s international growth comes amid an ongoing dispute with securities regulators in the United States. The company is involved in an enforcement action with the Securities and Exchange Commission (SEC) over allegations it improperly listed securities.
CEO Brian Armstrong has argued for clear crypto rules in the US so that innovation is not pushed offshore due to regulatory uncertainty. The dispute with the SEC has led Coinbase to look abroad for growth opportunities.
Stablecoin issuer Circle also recently received regulatory approval in France. The approvals highlight France’s relatively crypto-friendly regulatory environment compared to the strict stance taken by US regulators.