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“Growing across Europe”
Coinbase, a major US cryptocurrency exchange, announced on the 12th that it has been approved as a virtual asset service provider by the French financial market regulator.
With this, Coinbase will offer both retail and institutional users in France the ability to store cryptocurrencies, trade cryptocurrencies for fiat currencies, and trade cryptocurrencies for cryptocurrencies in compliance with the country’s legal framework. become able to.
Coinbase also said that registering its business in France is another step in its international expansion strategy and continues its plans to grow across Europe. He also describes the EU regulatory environment:
Coinbase recently demonstrated its commitment to the European market by selecting Ireland as a location for its operations in compliance with the EU’s proposed cryptocurrency regulation, MiCA.
The regulatory clarity that MiCA provides the industry is welcome and shows that the region recognizes the potential that emerging technologies offer.
Coinbase already serves customers in about 40 European countries through offices in Ireland, the United Kingdom, and Germany. This time, they have added a base in France.
connection: Coinbase obtains license in Ireland
In June, the EU formally approved a comprehensive virtual currency regulation proposal, MiCA. It will come into effect in stages. The stablecoin regulations will come into force in July 2024, ahead of other regulations, and most other regulations, such as the travel rules, will not come into force until January 2025.
What are travel rules?
Under rules regarding international wire transfers to prevent money laundering, etc., crypto asset service providers (VASPs) are required to collect and exchange information on senders and recipients during transactions, and guarantee the accuracy of that information. are required to do so.
Virtual currency glossary
Coinbase claims that there is no clear regulation in place in the United States, and filed a petition with the U.S. Securities and Exchange Commission (SEC) in July 2022 requesting “the creation of a workable regulatory framework.” Was.
However, the SEC later sued Coinbase for “offering unregistered securities.” Although the trial is still ongoing, the petition was also rejected on the 15th of this month.
connection: U.S. SEC rejects Coinbase’s petition to enact regulations; Coinbase will appeal
Circle also receives conditional approval
Circle, which provides the US dollar stablecoin USDC, also announced on the 21st that it has received conditional approval as a virtual asset service provider from the French financial market regulator.
Circle CEO Jeremy Allaire said the move is an important early step toward establishing compliance with European regulations.
In order to clear the licensing requirements and start operating in France, Circle needs to be approved as a payment service provider (PSP) or registered as a PSP agent.
Circle explained that these conditions will be met if it obtains the electronic money institution license, which it is currently applying for.
Coralie Billman, currently COO of Circle’s European division, will assume responsibility for Circle’s French operations. Mr. Billman is a director of 3S Money, a global payments company, and has previously worked at PayPal and JP Morgan.
connection: US Circle Inc. launches bridge-type USDC standard
The post U.S. Coinbase and Circle receive approval for virtual currency business in France appeared first on Our Bitcoin News.
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