Circle and Coinbase have obtained key regulatory approvals in France. Circle has obtained 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 adoption of the EU’s crypto asset regulatory framework, MiCA, many crypto institutions have started applying for licenses to operate compliantly in the crypto field, hoping to develop within a clearer regulatory framework.
Just earlier this week, stablecoin issuer Circle and the largest US exchange Coinbase both obtained crucial regulatory approvals in France, further expanding their business presence in the European market.
Circle obtains conditional DASP registration:
Yesterday (21st), Circle announced that it has obtained “conditional registration” as a Digital Asset Service Provider (DASP) from the French Financial Markets Authority (Autorité des Marchés Financiers, AMF). It is understood that in order to transition from conditional registration to full registration and begin operations in France, Circle needs to obtain approval as a Payment Service Provider (PSP) or register 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 Coralie Billmann, a seasoned professional in the financial payment industry, to lead its authorized business in France. She will play a critical 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 Head of Policy at Circle, stated that Circle’s goal is to place its European business under comprehensive EU regulation, with full DASP and electronic money institution licenses, and to ensure that its products and services comply with the upcoming crypto asset market (MiCA) regulations.
Coinbase obtains full DASP registration:
On the other hand, Coinbase has successfully obtained full registration as a Digital Asset Service Provider (DASP) in France today (22nd), paving the way for the company 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 two entities: international and European. The former primarily provides digital asset custody services, while the latter further offers trading services for digital assets using fiat currencies and transactions between different digital assets.
Regarding the successful registration in France, Coinbase stated in its announcement that it had already begun expanding its business outside of the United States, including allowing non-U.S. institutional customers to use its cryptocurrency exchange for spot trading.
At the end of October, Coinbase announced that it had chosen Ireland as its central hub under the EU’s MiCA regulations. Currently, Coinbase holds an electronic money institution license and VASP registration in Ireland, has obtained a cryptocurrency license in Germany, and has secured multiple national registrations in other major EU member states (including Italy, the Netherlands, and Spain), continuously advancing its compliance progress.