Coinbase, one of the most important cryptocurrency platforms on earth has received e-money license from the United Kingdom Financial Regulator. This is an important milestone for the company that tries to expand to new markets.
Coinbase Expands in the United Kingdom and the European Union
The United Kingdom’s Financial Conduct Authority has decided to grant Coinbase, with an e-money license. The announcement has been made by the company today Wednesday, 14 March. In this way, the company will be able to provide payment services and other digital cash alternatives. The company believes that the license will permit it deliver better products and services to its customers.
The statement released by the Coinbase reads as follows:
“We are happy to announce that Coinbase has received an e-money license from the Financial Conduct Authority (FCA) in the UK. The license will allow Coinbase to issue e-money and provide payment services across Europe. Four our customers, this will ultimately help us deliver a better experience through new partnerships and an easier to use product.”
Additionally, Coinbase announced that it joined the United Kingdom Faster Payments Scheme, that provides better bank transfer services to residents.
Brexit Problems
At the moment, the FCA license would allow Coinbase to operate in the European Union, more specifically, in 23 EU member states. What makes some noise is the fact that there are no clear Brexit guidelines established as of today. What can happen in the future with this license in the European continent is unclear.
If the Brexit process dos not allow the company to keep operating in the other EU member states, it will have to acquire a new license from another European Union country. A process that can take several weeks, or even months.
Coinbase is trying to increase its presence in the European market with this license. There is an important market in Europe that is demanding these platforms and Coinbase sees an interesting opportunity. It is important to follow how Brexit talks will influence this decision and if it will be necessary another license to operate in Europe.
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