Coinbase Secures VASP License in France: CNBC
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In a significant stride towards global expansion, Coinbase, a leading cryptocurrency exchange, has secured regulatory approval from France to operate as a virtual asset service provider (VASP).
This green light empowers Coinbase to provide a spectrum of services in the country, including storing, buying, selling, and trading digital assets, as reported by CNBC.
Congrats to the @coinbase team, @brian_armstrong, @iampaulgrewal
Meantime in the U.S. @ewarren and @GaryGensler along with other clueless Senators want to ban Crypto, which may go down as the dumbest idea ever. https://t.co/chMsDKqke4
— John E Deaton (@JohnEDeaton1) December 21, 2023
This approval is a notable achievement for Coinbase, which has been actively broadening its international footprint and augmenting its product offerings. The company recently unveiled plans to extend access to its spot trading platform and derivatives trading platform to non-U.S. institutions.
Additionally, Coinbase plans to enrich its platform by incorporating more digital assets and enhancing services tailored for retail customers.
Despite these triumphs, Coinbase faces regulatory hurdles on its home turf.
The Securities and Exchange Commission (SEC) is embroiled in a legal dispute with the exchange, accusing it of operating as an unregistered exchange. The SEC has also issued warnings of potential legal action should Coinbase proceed with the launch of a lending product.
Brian Armstrong, Coinbase’s CEO, has openly criticized the SEC for its lack of clarity and transparency, expressing concerns about potential innovation setbacks in the U.S. crypto space.
ARK Invest Continues Massive Offloading of Coinbase Shares
On a separate front, ARK Invest, spearheaded by Cathie Wood, has strategically reduced its stake in Coinbase amidst a surge in the stock’s December performance.
The investment firm divested over $196 million worth of COIN shares across its ARK Innovation and ARK Next Generation Internet exchange-traded funds (ETFs), according to Coindesk.
This move aligns with ARK Invest’s policy of capping exposure to any single company at around 10% of its holdings, a threshold that COIN still surpasses in both ETFs.
Coinbase, a trailblazer in the crypto industry, boasts over 56 million registered users and a staggering quarterly trading volume of $335 billion.
Since its IPO in April 2021, Coinbase has continued to shape the cryptocurrency landscape, marking itself as the first major crypto exchange to go public.
