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 business in the European market.
With the passage of the EU’s Crypto Assets Regulation, MiCA, many crypto institutions have started applying for licensing to operate in compliance within a clearer regulatory framework.
Earlier this week, stablecoin issuer USDC’s parent company, Circle, and the largest US exchange, Coinbase, both obtained key regulatory approval in France, expanding their business footprint in the European market.
Circle has obtained conditional registration as a DASP. Yesterday (21st), Circle announced that it has received conditional registration as a Digital Asset Service Provider from the Autorité des Marchés Financiers (AMF) in France. It is understood that in order to transition from conditional to full registration and operate 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. Circle has also hired Coralie Billmann, a veteran in the financial payment industry, to lead its authorized business in France. She will play a crucial role in ensuring that Circle’s products and services comply with MiCA regulations. (Billmann has 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 Assets Market (MiCA) regulations.
On the other hand, Coinbase has successfully obtained full registration as a DASP in France today (22nd), paving the way for its comprehensive retail, institutional, and ecosystem products and services in the French market. According to an official announcement from the Autorité des Marchés Financiers (AMF), Coinbase is divided into two entities: International and European. The former primarily provides digital asset custody services, while the latter further provides trading services for digital assets with fiat currencies and transactions between different digital assets.
In its announcement of successfully obtaining registration in France, Coinbase stated that it had already begun expanding its business outside of the United States, including allowing non-US institutional customers to use its cryptocurrency exchange for spot trading. In late October, Coinbase announced Ireland as its central hub under the EU’s MiCA regulations. Currently, Coinbase holds an electronic money institution license and VASP registration in Ireland, as well as a cryptocurrency license in Germany, and has obtained multiple national registrations in other major EU member states including Italy, the Netherlands, and Spain, continuing to make progress in compliance.
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