Coinbase, one of the world’s eminent San Francisco-based cryptocurrency exchange broker, has secured themselves an e-money licensed to venture into the Ireland markets. They got a license from the Bank of Ireland, and it allows them to serve their customers across Ireland without having to worry about disruptions.
Open for Operations?
The Crypto news hit the headlines over the weekend soon after Coinbase confirmed that the Central Bank of Ireland had officially awarded them the e-money license. It’s the second e-money license the company has got since its inception as in March 2018; they got their first E-money license from the Financial Conduct Authority of the UK.
Soon after they opened their Dublin office in 2018, Coinbase confirmed that their local team would take full responsibility for their operations in London. And since they got their license to operate in Irish, they may rely on their Ireland-based team to serve their customers around the European content. That would only be possible if their no-deal Brexit affects the approval of British License by the continental regulators.
Zeeshan Feroz, Coinbase’s UK CEO, claimed that the approval they got from the Central Bank of Ireland gives them the power to grow their operations and deliver premium products and services to their customers all over the Irish super-fast growing markets. He also mentioned that it would let them obtain passports for their clients within EEA and EU. Zeeshan also highlighted their commitment to ensuring their clients enjoy same security as those in other regulated financial institutions.
Will Ireland be the Hub of Cryptocurrency?
Over the years, Ireland has attracted thousands of transnational tech giants, including but not limited to Facebook, Apple, and Google, to initiate their operations. They pride in offering these giants the best tax regimes. It’s now vividly clear that Irish is a great country for anyone looking to expand their digital assets business territories across the European market. The issuing of the e-money licensing by the Irish Central bank sums it all.
After the issuing of the license, IDA Ireland’s CEO, known as Martin Shanahan, backed Coinbase’s selection of Dublin as their center of operation by claiming that it aids reinforce Ireland’s strength as being the most reliable destination for companies looking to start and grow their financial services. IDA Ireland is a government-sponsored agency that helps attract foreign direct investments into Ireland.
Previously, Coinbase has been doing its level best to see if they can get legal approval to offer their services across Ireland. Just 14 days ago, they represented a unit of digital finance companies to create the Crypto Rating Council, which is primarily a member-operated organization ideal for ensuring all market participants do conform to the U.S. federal security laws. The other parties, who took part in the creation of this member-based organization, include Brittrex, Kraken, Grayscale investments, Cumberland, Genesis, and Circle. The council intends to offer a joint valuation to determine if any token can be termed as security within the American law.