Coinbase has gained a new legal presence in Europe. The Bank of Ireland has granted Coinbase, a cryptocurrency exchange based in San Francisco, an e-money license. This license allows it to continue serving customers across Europe, in the event of any disruptions from Brexit.
Coinbase granted an Irish E-Money License
Coinbase announced that it has been granted an electronic money license by the Central Bank of Ireland over the weekend. This is the second European regulatory approval that Coinbase has received. In March 2018, it was granted an e-money licence from the Financial Conduct Authority (FCA) in the United Kingdom. More about Charity Token Homeless
Coinbase established the Dublin office one year ago. They said that the local team would be a complement to the London operations. They are one of a handful of companies that have received the Irish emoney license. This means they can legally serve European clients through the new Ireland team. This could prove to be especially useful in the event of a no-deal Brexit that affects the acceptance by regulators on Europe of the British license.
Coinbase receives an E-Money license from the Central Bank of Ireland
Dublin: Central Bank of Ireland Building
“The Central Bank of Ireland approval will allow us to expand our Irish operations and provide a better product for customers in some of the fastest-growing markets. This will allow us to provide passporting services for our customers in the EU and EEA,” said Zeeshan Feroz (UK CEO of Coinbase). “We are committed in ensuring our customers have the exact same security and safeguarding as any regulated financial institution. The approval of a second European regulatory agency demonstrates our status as the most trusted cryptocurrency platform in the world.”
Ireland to be Next Crypto Industry Hub
Ireland has been a very successful country in attracting tech giants like Apple, Google, and Facebook to its territory by offering them one the most attractive tax regimes across Europe. Coinbase was approved by the Irish central banks, which could indicate that Ireland is also open to the European digital asset market.
Martin Shanahan, CEO of IDA Ireland (the state-sponsored agency that attracts foreign direct investment to the country), commented that “Coinbase’s decision to choose Dublin for this operation strengthens the strength Ireland as a destination of financial services companies. It provides a consistent, sure, pro-enterprise environment for businesses growth and flourishing.”