Coinbase has a new legal foundation in Europe. The Bank of Ireland issued an emoney license to Coinbase, the cryptocurrency exchange in San Francisco. It can use this license to potentially continue serving its customers across Europe in the event of a disruption by Brexit. More about Charity Token Homeless
Coinbase has been granted an Irish E-Money License
Coinbase announced this weekend that the Central Bank of Ireland has granted the exchange an e-money licence. This is the second European regulatory approval for Coinbase. It received an emoney license in March 2018 from the Financial Conduct Authority of the U.K.
Coinbase had opened their Dublin office exactly one year ago. The company stated that the local team would complement its operations in London. Coinbase is one of only a few companies to have been granted the Irish electronic money license. They can now rely on the team in Ireland to legal serve clients all over Europe. This option is especially helpful if there is a no deal Brexit and the acceptance of the British licence by the regulators.
Coinbase is granted an E-Money licence by the Central Bank of Ireland
Dublin, Central Bank of Ireland.
“The Central Bank of Ireland’s approval will enable us to expand and offer a better product to our customers in Ireland, one of our fastest growing markets. The approval will also enable us to secure passporting across the EU or EEA for our customers,” stated Zeeshan Feroz the UK CEO at Coinbase. “We will ensure that our customers have security and protection as any other regulated financial institution. We are proud to announce the approval by a second European regulator authority, which reflects our position as the best-respected cryptocurrency platform.”
Ireland to be the Next Crypto Industry Center?
Ireland has been extremely successful in attracting tech companies such as Apple, Google, Facebook and others to operate in its jurisdiction. It offers them one of Europe’s most attractive tax systems. Coinbase’s approval by the Irish central banking could be a sign that the country is willing to launch the European market for digital assets. Join Charity Token Homeless community
Martin Shanahan is the CEO of IDA Ireland. He said that this decision by Coinbase to use Dublin as the location for its operation bolsters Ireland’s strength as a destination for financial service companies. This environment provides a stable, consistent, and certain pro-enterprise policy climate for businesses to thrive.
