Coinbase has received the Virtual Asset Service Provider (VASP) license from France’s Financial Markets Authority. Coinbase enters into the French market under official regulatory approval with this license. It aligns with the European Union’s upcoming Market in Crypto-Assets (MiCA) directive.
The VASP license permits entities to offer digital asset services like cryptocurrency trading, crypto-fiat currency pairs, and custodial services. The text mandates that the company comply with AML and CFT standards and implement strict measures to safeguard consumer assets and data.
Coinbase’s acquisition of the VASP license offers numerous benefits for traders and investors, including:
The VASP license enables secure storage of digital assets with Coinbase, providing a reliable and convenient way to manage cryptocurrency holdings and reducing the risk of unauthorized access or loss.
Now, Coinbase can offer multiple services, including crypto trading, crypto-fiat pairs, and crypto custodial services. It enhances the trading experience by facilitating diverse transaction types and asset management options.
The license represents adherence to the financial and market regulations of France and the European Union. This compliance ensures that consumer assets are secure and that the company operates within legal frameworks.
France is committed to investing €34 billion in technologies such as Web3 under the “France 2030” plan. This expansion means traders and investors can access multiple crypto assets and trading opportunities in a growing crypto market.
The European Union’s Market in Crypto-Assets (MiCA) directive will be effective soon. Approved companies like Coinbase will bring a sense of stability and trust to the market.
Coinbase is a platform for exchanging cryptocurrencies, which was established in 2012. It enables buying, selling, and storing cryptocurrencies. This platform offers an easy-to-use interface and educational materials for individuals interested in trading cryptocurrency. The company is actively expanding globally by securing regulatory approvals in multiple countries. It plans to broaden its service offerings and explore innovative crypto solutions.
Obtaining the VASP license presents numerous opportunities for Coinbase. It will offer expanded market reach and enhanced consumer trust. It also positions Coinbase as a compliant and trustworthy platform and will potentially attract more users and investors.
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