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Home » “Pioneering Entry into European Market: Circle and Coinbase Obtain Cryptocurrency Regulatory License in France”
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“Pioneering Entry into European Market: Circle and Coinbase Obtain Cryptocurrency Regulatory License in France”

By adminDec. 22, 2023No Comments3 Mins Read
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"Pioneering Entry into European Market: Circle and Coinbase Obtain Cryptocurrency Regulatory License in France"
"Pioneering Entry into European Market: Circle and Coinbase Obtain Cryptocurrency Regulatory License in France"
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Circle and Coinbase have obtained crucial regulatory approvals in France. Circle has received conditional registration as a Digital Asset Service Provider (DASP), while Coinbase has obtained full registration as a DASP, further strengthening their businesses in the European market.

With the passage of the European Union’s cryptocurrency regulation law, MiCA, many cryptocurrency institutions have begun applying for licenses to operate in compliance within a clearer regulatory framework.

Just earlier this week, the second-largest stablecoin issuer, USDC, Circle, and the largest US exchange, Coinbase, have both obtained important regulatory approvals in France, further expanding their business presence in the European market.

Circle obtains conditional registration as a DASP

Yesterday (21), Circle announced that it has received conditional registration from the French Financial Markets Authority (Autorité des Marchés Financiers, AMF) as a Digital Asset Service Provider (DASP).

It is understood that in order to transition from conditional to full registration and operate in France, Circle needs approval as a Payment Service Provider (PSP) or registration as a PSP agent. The company has currently applied for an electronic money institution license to meet this requirement.

At the same time, Circle has hired industry veteran Coralie Billmann to lead its authorized business in France. She will play a crucial role in ensuring Circle’s products and services comply with MiCA regulations. (Billmann previously worked at PayPal for nine years and held senior positions at JP Morgan and 3S Money.)

Regarding the choice of France as Circle’s regulatory base in Europe, Dante Disparte, Chief Strategy Officer and Global Policy Chief of Circle, stated:

Circle’s goal is to place its European operations under comprehensive EU regulation, with full DASP and electronic money institution licenses, and to ensure its products and services comply with the upcoming regulation of the cryptocurrency market (MiCA).

Coinbase obtains full DASP registration

On the other hand, Coinbase has successfully obtained full DASP registration in France today (22). This development paves the way for Coinbase to provide comprehensive retail, institutional, and ecosystem products and services in the French market.

According to the official announcement from the French Financial Markets Authority (AMF), Coinbase is divided into international and European entities. The former primarily provides digital asset custody services, while the latter further provides services for trading digital assets with fiat currencies and transactions between different digital assets.

Regarding the successful registration in France, Coinbase stated in its announcement:

Coinbase has previously begun expanding its business outside the United States, including allowing non-U.S. institutional clients to use its cryptocurrency exchange for spot trading.

In late October, Coinbase announced that it had chosen Ireland as its central hub under the EU’s MiCA regulation. Currently, Coinbase holds an electronic money institution license and VASP registration in Ireland, as well as a cryptocurrency license in Germany and multiple national registrations in other major EU member states, including Italy, the Netherlands, and Spain, to continue advancing its compliance progress.

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