French Regulators Greenlight Coinbase and Circle in Crypto Milestone

French regulators have granted approvals to Coinbase and Circle, signaling a positive turn for foreign cryptocurrency firms amid evolving regulatory landscapes. Coinbase secures VASP authorization, enabling it to operate in compliance with EU and international regulations, while Circle awaits approval as a Payment Services Provider. These developments mark the end of 2023, a year filled with regulatory changes globally.

French regulatory authorities have granted significant approvals to Coinbase and Circle, highlighting a pivotal moment for foreign cryptocurrency firms. Coinbase, having obtained the Virtual Assets Service Provider (VASP) authorization from France’s financial regulator (AMF), can now offer crypto trading services in the country, ensuring compliance with EU and international regulations. This allows Coinbase to custody digital assets and facilitate crypto trading, extending its services to institutional foreign investors outside the U.S.

On the other hand, Circle received conditional registration as a Digital Asset Service Provider (DASP), with the requirement to secure approval as a Payment Services Provider (PSP). Circle is actively pursuing an Electronic Money Institution license to fulfill this condition, as outlined in their recent blog post.

These regulatory milestones come amidst a backdrop of significant changes and legal challenges for crypto firms globally. In contrast to the EU’s enforcement of the Markets in Crypto Assets Regulation (MiCA), the U.S. poses a tougher regulatory landscape. Coinbase, entangled in legal battles with the SEC, is seeking clarity and has recently appealed a decision by the regulator. These developments underscore the evolving nature of the regulatory environment for crypto businesses.

Disclaimer: The information provided in this article is for educational and informational purposes only. It should not be considered financial advice from Cryptozi or any other entity. We want to emphasize that if readers use the content or services mentioned in this article, Cryptozi is not responsible for any resulting losses. Therefore, it is strongly advised to exercise caution and consult with financial professionals before making any financial decisions that could impact your financial situation.

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