Coinbase Secures Regulatory Approval In Yet Another Country!

December 21, 2023 1:12 pm Comments

Coinbase has secured regulatory approval in yet another country as the centralized exchange continues to expand.

The company recently announced that it acquired a license to operate as a virtual asset services provider in France. This development comes at a time when Coinbase’s largest competitor Binance is facing an investigation in the country.

Moreover, the European Union has openly expressed hostility to crypto, but this varies from country to country.

Pro-XRP attorney John E. Deaton congratulated the Coinbase team and remarked: “Congrats to the ⁦Coinbase team, ⁦Brian Armstrong⁩, [and] ⁦Paul Grewal. Meantime, in the U.S. Elizabeth Warren and ⁦Gary Gensler along with other clueless Senators ⁦want to ban Crypto, which may go down as the dumbest idea ever.”

CoinDesk reported:

France has been eager to attract crypto companies looking for environments with greater regulatory clarity than currently exists in the U.S. The European Union recently put into law the wide-ranging Markets in Crypto Assets (MiCA) legislation, which will start taking force across the 27-nation bloc next year.

Colin Wu explained: “Coinbase has chosen Ireland as its main operational and regulatory hub in the European Union, the company told CNBC. If and when it is approved, Coinbase will have a universal “MiCA license” in Ireland, which it can then use to “passport” its services into Germany, France, Italy, the Netherlands and other EU countries.”

The Block featured more on Coinbase’s regulatory woes in the United States:

In the U.S., Coinbase has been in a lengthy dispute with the Securities and Exchange Commission that includes an enforcement action for allegedly operating as an unregistered exchange. CEO Brian Armstrong has been vocal in his call for clear rules so that innovation in the country would not be stifled and possibly pushed offshore.

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