Major crypto exchange Coinbase recently announced that it has secured an e-money license from the Central Bank of Ireland. Accordingly, the exchange intends to bolster its crypto-trading service in Europe.
It was first reported by Zeeshan Feroz on October 11, who said that Coinbase becomes one of ‘just a few companies’ to receive the e-money license. Mr.Feroz, the CEO of Coinbase UK stated that the e-money license will now enable exchange expands its Irish operations. As per the statement, the exchange had opened its office in Dublin (the capital and largest city of Ireland) back in October 2018. However, the exchange has now been granted an e-money license by the Central Bank of Ireland.
As Coinbase’s VP, Operations and Technology, Tina Bhtanager said, Coinbase’s expansion in Europe will create “new jobs and grow the burgeoning Irish crypto economy”, Mr.Feroz echoed the similar concern and noted, “this will now enable Coinbase to expand its Irish operation”.
It will also allow us to secure passporting for our customers across the EU (European Union) and EEA (European Economic Area), Mr.Feroz said.
Essentially, passporting makes Coinbase a registered firm in the EU which doesn’t require prior approval or authorization if it seeks to expand to other countries of the EU. Appreciating Coinbase’s move in Dublin, Martin Shanahan, CEO, IDA Ireland said;
“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.”
In a nuttshell, it’s worth noting that the UK is currently an EU member state and Coinbase had already received an e-license by the Financial Conduct Authority (FCA) in March 2018 – but the ongoing governmental issue (Brexit) might affect the utility of Coinbase’s local license received from FCA.
Image Source – Coinbase Medium Blog