In its broader global expansion efforts, cryptocurrency exchange Coinbase Global has obtained a crypto license from the French markets regulator, AMF. This license allows Coinbase to offer its full range of retail, institutional, and ecosystem products and services to users in France. The approval from AMF is part of Coinbase's strategy to 'Go Deep, Go Broad', which involves expanding its operations in various countries. Coinbase has been actively expanding in Italy, Spain, and France since last year. The company is also in discussions with the Financial Services Regulatory Authority in the Abu Dhabi Global Market for a potential license for a regulated exchange [b8fb62eb].
This development comes as France aims to position itself as a prominent player in the crypto assets ecosystem. The French government has taken steps to attract cryptocurrency exchange Binance to the country, offering over 100 tech visas and granting a registration to operate in France. However, the government has faced criticism for its open-door policy towards Binance, especially in light of recent controversies surrounding the exchange. While Binance has received a registration, Coinbase has secured a full crypto license from the AMF. This distinction highlights the differences in the regulatory approach towards these two major cryptocurrency exchanges in France [b8fb62eb].
Coinbase's expansion and acquisition of regulatory licenses in various countries reflect the company's commitment to compliance and its efforts to establish a global presence. By obtaining licenses and registrations, Coinbase aims to ensure that it can operate within the legal frameworks of different jurisdictions. This approach is crucial in an industry that is facing increasing regulatory scrutiny and evolving legal requirements. As Coinbase continues to expand its operations worldwide, it will navigate the complexities of crypto regulation and contribute to shaping the future of the industry [b8fb62eb].
Meanwhile, the digital economy platform USDCBTC has obtained a U.S. MSB license, following the acquisition of the Canadian MSB license and the Australian Financial Services License (AFSL). The U.S. MSB license is issued by the Financial Crimes Enforcement Network (FinCEN) and regulates money services businesses. USDCBTC's compliance with regulatory requirements in anti-money laundering (AML) and know your customer (KYC) standards ensures its operations comply with U.S. laws and regulations. The platform also holds the Canadian MSB license issued by FINTRAC and the AFSL issued by ASIC, allowing it to provide financial services in Canada and Australia. USDCBTC aims to continue expanding its compliance licenses and improving its compliance level while providing high-quality services and experiences to users worldwide [2b66590c].
In Hong Kong, Pando Finance Limited has achieved a "grand slam" of virtual asset's key licenses. The company's Type 1 (Dealing in Securities) and Type 4 (Advising on Securities) licenses have been uplifted with the approval of the Hong Kong Securities and Futures Commission. This allows Pando to provide distribution and investment advisory services to funds with virtual asset investments exceeding 10% of the portfolio. Combined with their previously acquired Type 9 Asset Management license, Pando has expanded their virtual asset business and offers more comprehensive investment solutions. Pando aims to drive the growth of the digital asset market and collaborate with professional partners to contribute to Hong Kong's development as a virtual asset hub [d10eb4ec].
