Overview

• Coinbase and Circle have both received regulatory approval to operate in France, with Coinbase being granted Virtual Asset Services Provider (VASP) status and Circle receiving conditional registration as a digital asset service provider.
• The approval allows Coinbase to offer a full suite of retail, institutional, and ecosystem products and services in France, while Circle's registration is conditional on receiving an Electronic Money Institution license.
• France's move to attract crypto businesses comes as the European Union's Markets in Crypto Assets (MiCA) legislation is set to take effect across the 27-nation bloc in 2024.
• Coinbase is the third-largest crypto exchange by trading volume and already holds licenses in Ireland and Spain, with plans to make Ireland its EU hub.
• Circle, issuer of the second-largest stablecoin USDC, has appointed Coralie Billmann to head its licensed operations in France.