Coinbase will in turn be able to actively try to convince the French to buy cryptoassets. The American exchange platform obtained the necessary registration on December 21 as a digital asset service provider (psan) from the financial markets authority (AMF). This psan status, created by the Pacte law of 2019 , is mandatory to be able to offer certain services and promote them to users in France. In addition to buying and selling cryptoassets, Coinbase will be able to develop asset custody.
In return for this green light, the AMF requires certain guarantees, such as “elements relating to managers and their good repute” as well as obligations in the fight against money laundering and the financing of terrorism. To date, 110 companies have obtained this Psan registration with the AMF.
From January 1, the rules will tighten up a little for actors in France. Those who submitted an application after July 1, 2023 are subject to a so-called registration procedure reinforced by new requirements. Among them, some obvious ones do not pose any difficulties, such as asset segregation, communicating clear, accurate and non-misleading information to customers, publishing prices or implementing a complaints handling policy. Others are much more expensive and complicated, particularly in terms of IT systems security. This reinforced registration is, however, not as good as approval, another status provided for by the Pacte law, and which only one actor in France has. obtained so far (this concerns Forge, the subsidiary of Société Générale). This approval foreshadows what will be required by the future regulation on crypto-asset markets (MiCA), on which the European Union is working. This harmonized framework within the 27 States will allow companies that obtain approval in one country to operate in a regulated manner within the Union.
This psan registration represents a big step forward for the development of Coinbase’s activities in Europe. Based in the United States, the platform faces a much more uncertain regulatory environment in its country of origin. The American stock market watchdog, the Securities and Exchange Commission (SEC), is leading an aggressive campaign against the sector, targeting trading platforms. cryptos. It considers that, with the exception of Bitcoin, cryptocurrencies must be considered financial securities, and therefore requires exchange platforms to register with it and submit to strict enforcement measures. Coinbase responded by calling for new specific rules for the crypto sector in the United States, in order to put an end to what it calls “regulation by enforcement”, where the regulator sanctions companies on an ad hoc basis with penalties rather than establishing a clear framework to follow.
Other American regulators have also sanctioned several cryptocurrency exchange platforms. Most recently, in November, Binance reached an agreement with the US Department of Justice to end prosecutions. Binance agreed to pay $4 billion, and its founding CEO Changpeng Zhao had to resign after pleading guilty to violating several rules, including anti-money laundering rules.