- Circle and Coinbase have secured approval to operate in France, just days after Ripple gained clearance to operate in Ireland
- The move marks the crypto industry’s expansion in Europe and compliance with the new Markets in Crypto Assets (MiCA) regulations.
- This reflects a contrasting regulatory approach compared to the companies’ treatment in the US
Crypto firms Circle and Coinbase have received approval to operate in France in a move that illustrates the desire of such organizations to expand further into Europe. The approvals, which come just days after Ripple gained approval to operate in Ireland, also show a desire for crypto entities to operate within the new Markets in Crypto Assets (MiCA) regulations, and further legitimize the sector within the region. This, of course, is in stark contrast to the way that the likes of Coinbase and Ripple have been treated in the US.
Coinbase Says European Regulation is “Hugely Welcome”
Coinbase revealed its acceptance as a Virtual Asset Service Provider (VASP) yesterday, although the X post on the matter alluded to a December 12 blog post:
Bonjour la France. 🇫🇷
We’ve received approval in France as a registered VASP. This is an important market for us and represents another chapter in our Go Deep, Go Broad international strategy.
Learn more: https://t.co/OGiAcSyY3c pic.twitter.com/Z50oojEWV3
— Coinbase 🛡️📞 (@coinbase) December 21, 2023
Coinbase said that the approval would allow the exchange to operate digital currency services in France, including custody, buying or selling digital assets, trading, and operating a digital asset trading platform.
The blog post announcing the award called France an “important market for Coinbase” and added that the move “represents another chapter of our Go Deep, Go Broad international expansion strategy.” It also said, pointedly, that “The regulatory clarity MiCA provides to the industry is hugely welcome, and shows that the region is recognising the potential that emerging technology can provide.”
Circle Looking to Become Payments Provider
Circle applied for its French Digital Asset Service Provider (DASP) license last April and also revealed its success yesterday, calling the development a “significant early milestone” in its European regulatory plans:
We have achieved a significant early milestone in establishing our European regulatory platform by securing a conditional DASP Registration in France and appointing a Head of French Operations, Ms. Coralie Billmann. Read more 👇https://t.co/IAHY4L1hw8
— Circle (@circle) December 21, 2023
The company added that it has appointed payments industry veteran Coralie Billmann to spearhead its licensed operations in the country, an appointment that will greatly aid its application to become a payment services provider. Circle has filed to obtain an Electronic Money Institution license in order to reach this important goal.
Along with Ripple receiving its VASP license in Ireland, it’s clear that crypto companies see Europe as the next frontier for legitimate crypto adoption, leaving the US trailing in its wake as it prosecutes the very companies that Europe is welcoming, and regulating.
