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French regulatory authorities concluded 2023 by granting licenses to foreign cryptocurrency entities, issuing approvals to crypto exchange Coinbase and stablecoin issuer Circle.
Coinbase successfully secured the Virtual Assets Service Provider (VASP) authorization from France’s financial regulator, the Autorité des Marchés Financiers. This accreditation confirms compliance with European Union and international regulations.
With this license, Coinbase gains the ability to custody digital assets, facilitating and offering crypto trading services within the country. Recently, the exchange extended its crypto trading services to institutional foreign investors through its international arm, enabling trading of Bitcoin and Ether against USD Coin.
Meanwhile, Circle obtained a conditional registration as a Digital Asset Service Provider, subject to specific limitations. To operate fully in France, the company still requires approval as a Payment Services Provider, which will be fulfilled upon acquiring an Electronic Money Institution license, an application Circle has submitted.
The approvals cap off a year marked by considerable regulatory adjustments and legal challenges for crypto entities.
It is worth noting that the European Union enforced the <a href="https://www.unlock-bc.com/101099/mica-eus-proposed-regulatory-framework-for-crypto-assets-and-its-implications-for-uae/" rel="noopener noreferrer nofollow">Markets in Crypto-Assets Regulation (MiCA)</a> in June, establishing a framework to govern digital assets outside existing financial services laws.
However, in the United States, crypto firms face a more stringent regulatory environment, notably with the U.S. Securities and Exchange Commission (SEC) leading lawsuits against crypto enterprises.
Coinbase, for instance, faced legal action in June regarding the listing and trading of crypto tokens, contested by the regulator as securities. In fact, the company is advocating for regulatory clarity from the U.S. courts for firms dealing with digital assets.
In the latest development,<a href="https://www.unlock-bc.com/114403/coinbase-takes-out-horns-on-sec-fight-regulation-clarity-court/" rel="noopener noreferrer nofollow"> Coinbase appealed the regulator’s decision on December 18</a> after its initial request was turned down.
The post <a rel="noopener noreferrer nofollow" href="https://www.unlock-bc.com/114735/france-grants-coinbase-and-circle-crypto-licenses-as-regulatory-landscape-evolves/">France Grants Coinbase and Circle Crypto Licenses as Regulatory Landscape Evolves</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://www.unlock-bc.com">UNLOCK Blockchain</a>.

France Grants Coinbase and Circle Crypto Licenses as Regulatory Landscape Evolves

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