Coinbase has secured a new legal foothold in Europe. The San Francisco-based cryptocurrency exchange has received an e-money license from the Bank of Ireland, which it can potentially use to continuing serving its customers across the continent, in case Brexit causes any disruptions.
Coinbase Granted an Irish E-Money License
Coinbase announced over the weekend that the cryptocurrency exchange has been granted an e-money license by the Central Bank of Ireland. This is the second such European regulatory approval the company has obtained, as in March 2018 it received an e-money license from the U.K.’s Financial Conduct Authority (FCA).
When Coinbase opened the Dublin office exactly a year ago, they said the local team would complement the company’s operations in London. Now, being one of just a few companies to receive the Irish e-money license, they can also rely on the new Ireland team to legally serve clients across Europe. This option could be particularity useful if a no-deal Brexit affects the acceptance of the British license by regulators on the continent.
“The approval from the Central Bank of Ireland will now enable us to expand our Irish operation and deliver a better product to customers across some of our fastest-growing markets. It will also allow us to secure passporting for our customers across the EU and EEA,” stated Zeeshan Feroz, the UK CEO of Coinbase. “We are committed to ensuring that our customers have the same safeguarding and security as any regulated financial institution, and the approval of a second European regulatory authority demonstrates our position as the world’s most trusted cryptocurrency platform.”
Ireland to Become Next Crypto Industry Hub?
Ireland has been very succusful in attracting multinational tech giants such as Apple, Google and Facebook to operate from its jurisdiction by offering them one of the most attractive tax regimes in Europe. The approval of Coinbase by the Irish central bank might be an indication that the country is open to becoming a launchpad for the European market to the digital assets industry as well.
The CEO of IDA Ireland, the state sponsored agency responsible for the attraction of foreign direct investment into the country, Martin Shanahan, commented: “Coinbase’s choice of Dublin for this operation reinforces the strength of Ireland as a destination for financial services companies, providing a consistent, certain, pro-enterprise policy environment for businesses to grow and thrive.”
Coinbase has also been busy recently securing its legal position across the pond. About two weeks ago it led a group of digital finance companies in the formation of the Crypto Rating Council, a member-operated organization created to help market participants comply with U.S. federal securities laws. The other founding members of this industry body are Anchorage, Bittrex, Circle, DRW Cumberland, Genesis, Grayscale Investments and Kraken. The purpose of the council is to provide a joint assessment of whether a specific token should be considered a security under American law.
What do you think about Coinbase getting an e-money license from the Bank of Ireland? Share your thoughts in the comments section below.
Images courtesy of Shutterstock.
Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Bitcoin.com Markets, another original and free service from Bitcoin.com.
The post Coinbase Receives E-Money License From the Central Bank of Ireland appeared first on Bitcoin News.
Visit the USSA News store!
Click this link for the original source of this article.
Author: Avi Mizrahi
This content is courtesy of, and owned and copyrighted by, https://news.bitcoin.com and its author. This content is made available by use of the public RSS feed offered by the host site and is used for educational purposes only. If you are the author or represent the host site and would like this content removed now and in the future, please contact the USSANews.com administrator by using the contact form located in the top-left menu. Your request will be immediately honored. Please visit https://news.bitcoin.com for more terrific, conservative content. The owner of this website may be paid to recommend American Bullion. The content of this website, including the positive review of American Bullion, the negative review of its competitors, and any other information may not be independent or neutral.