United

Bank AI

From Paris, <a href="https://financefeeds.com/sec-rejects-coinbases-petition-for-new-crypto-rules/" rel="noopener noreferrer nofollow">Coinbase</a> will be able to build and launch products and services for the European customer base. Additionally, the exchange operator can build strategic relationships with the global banks.
Acquiring this license would be a crucial milestone for&nbsp;<a href="https://financefeeds.com/coinbase-delists-80-trading-pairs-none-involves-usdc/" rel="noopener noreferrer nofollow">Coinbase</a>. With the MiCA license under its belt, the crypto exchange can “passport” its array of services to several European nations, including major markets like Germany, Spain, Italy, and the Netherlands.
With this new Virtual Asset Service Provider (VASP) registration, Coinbase is now authorized to engage in various activities within the French market. These include custody of digital assets, enabling the buying or selling of digital assets in legal tender, crypto-to-crypto transactions, and operating a trading platform.
In the broader context of the European Union, the impending Markets in Crypto Assets (MiCA) regulation is set to create a unified framework for crypto companies. This regulation will allow firms like Coinbase, once registered as a VASP in one EU country, to offer their services across the EU without needing separate registrations in each member state.
Coinbase's move into France occurs at a time of heightened regulatory scrutiny in its home country, the United States. The U.S. Department of Justice and the Securities and Exchange Commission (SEC) have taken enforcement actions against crypto firms, including Binance and Coinbase itself, for alleged illegal securities dealings.
The US-listed cryptocurrency exchange has chosen Ireland as its central base for operations and regulatory oversight within the European Union. Coinbase submitted its license application under the EU’s upcoming Markets in Crypto-Assets (MiCA) regulation, which is slated to be in effect by December 2024, to the Central Bank of Ireland.
This move isn’t the firm’s first interaction with the country as Coinbase has maintained a presence in Dublin since 2018, boasting a workforce of around 100 individuals. As of now, it already holds an e-money institution license and virtual asset service provider (VASP) registration in&nbsp;<a href="https://financefeeds.com/paytrix-appoints-joe-redmond-as-ceo-of-ireland-operation/" rel="noopener noreferrer nofollow">Ireland</a>, a cryptocurrency license in Germany, and various national registrations in other EU member states.
The implementation of&nbsp;<a href="https://financefeeds.com/malta-to-amend-its-crypto-regulations-to-synchronize-with-mica/" rel="noopener noreferrer nofollow">MiCA in 2024</a>&nbsp;is eagerly anticipated as it offers a singular regulatory structure spanning 27 countries and catering to around 450 million individuals. Such a unified framework, overseen by a sole national supervisor, promises to simplify business operations for firms like Coinbase.

Coinbase secures French market regulator's approval

FinanceFeeds

Other articles published on Dec 21, 2023

LasMeta and X World Games Forge Revolutionary Web3 Gaming Alliance

Can Shiba Inu’s [SHIB] latest proposal lure in more users

Case Study: Navigating Success – How ChainGPT Pad's Incubation Program Propelled DexCheck to Exce...

Coinbase Stock Sell-off ARK Invest Sells Big Shared of Coinbase, Nearing $200M

Litecoin’s Consolidation and AI Price Predictions

Better Market CEO Points to Crypto Market Abuses as Reasons for FDIC Rule Amendment

Join our free newsletter for daily crypto updates!