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      Here's Why Coinbase (COIN) Stock Is Soaring Today?

      By Fahim Awan

      Published on

      December 22, 2023

      7:28 PM UTC

      Here's Why Coinbase (COIN) Stock Is Soaring Today?

      Coinbase Global, Inc. (NASDAQ: COIN) shares are currently charting an upward trajectory on the US indices today. The stock exhibited a positive movement of 5.15%, reaching a trading value of $176.69 as per the latest update in the current session. Following its strategic expansion into France, COIN is experiencing a rise in its stock price.

      In pursuit of its global expansion strategy termed “Go Deep, Go Broad,” Coinbase (COIN) successfully obtained registration from the French markets regulator on Thursday. This milestone entails approval from France’s AMF watchdog as a virtual asset service provider (VASP), granting Coinbase the authority to conduct digital currency services. The obtained registration empowers COIN to deliver its comprehensive range of retail, institutional, and ecosystem products and services to users within the country.

      The attainment of VASP status in France marks a crucial step for Coinbase in its global growth endeavors. This status ensures a secure environment for onboarding the next billion individuals into the realm of crypto, prioritizing the security of consumers’ assets and compliance.

      Earlier in the year, COIN had communicated ongoing discussions with the Financial Services Regulatory Authority in the Abu Dhabi Global Market, exploring the potential for a regulated exchange license. The company’s continued efforts in Italy, Spain, and France since the previous year have demonstrated its strategic commitment on growing its position in European markets.

      Recently, Coinbase filed a petition in a federal appeals court to have the U.S. Securities and Exchange Commission (SEC) reconsider its decision to deny the cryptocurrency exchange’s request for additional regulations pertaining to the digital asset industry. Even after the SEC voted 3-2 to reject additional regulatory proposals, Coinbase is determined to refute the idea that current laws are too burdensome for the cryptocurrency industry.

      In a move beyond its U.S. operations, Coinbase commenced spot crypto trading services on its international exchange last week. This expansion, initially catering to derivatives, was rolled out in phases, commencing with bitcoin and ether against the USDC stablecoin for institutional clients from December 14th.

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