P Xenos and M Bacina
Coinbase Receives E-Money License From the Central Bank of Ireland
Coinbase has been granted an e-money license by the Central Bank of Ireland.
This is the second European regulatory approval the company has secured, in March 2018, Coinbase received an e-money license from the U.K.’s Financial Conduct Authority.
Coinbase can now serve clients across Europe from their Ireland presence, which provides certainty for them if a no-deal Brexit interferes with e-money licensing recognition.
UK CEO of Coinbase, Zeeshan Feroz, stated:
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.
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.”
The approval by the Irish central bank is a clear indication that Ireland is open to becoming a spring board for the European market for the growing digital assets industry.
Coinbase has also been active in leading the formation of the Crypto Rating Council, established to create a framework to rate the likelihood of certain cryptocurrencies being considered securities under US law.