Coinbase and Circle Receive Regulatory Approval in France

The move comes as France aims to attract more crypto businesses ahead of the EU's Markets in Crypto Assets legislation taking effect in 2024.

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.