Circle and Coinbase have obtained crucial regulatory approval 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 operations in the European market.
With the passage of the EU’s crypto asset regulatory framework MiCA, many crypto institutions have started applying for licenses to operate in compliance with clearer regulatory frameworks.
Just earlier this week, the second-largest stablecoin issuer, USDC, Circle, and the largest US exchange, Coinbase, both obtained key regulatory approvals in France, further expanding their business presence in the European market.
Circle has obtained conditional registration as a DASP
Yesterday (21), 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 operate in France, Circle needs to obtain 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 Coralie Billmann, an industry veteran in the financial payment sector, 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 aims to place its European operations under comprehensive EU regulation, with full DASP and electronic money institution licenses, and ensure that its products and services comply with the upcoming crypto asset market (MiCA) regulations.
Coinbase has obtained full registration as a DASP
On the other hand, Coinbase has successfully obtained full registration as a DASP in France today (22), paving the way for its comprehensive retail, institutional, and ecosystem products and services in the French market.
According to the official announcement by the French Financial Markets Authority (AMF), Coinbase is divided into two entities: international and European. The former mainly provides digital asset custody services, while the latter further provides trading services for digital assets using fiat currencies and transactions between different digital assets.
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