Coinbase Expanding Derivatives Offering in Europe with Acquisition in Cyprus
Coinbase, the well-known crypto-exchange, is making plans to expand its derivatives offering in Europe. To achieve this goal, Coinbase has announced its intention to acquire an authorized entity based in Cyprus from the European Union’s Markets in Financial Instruments Directive (MiFID). This acquisition will allow Coinbase to obtain the necessary license and support its mission of global expansion.
Coinbase’s Strategy and Standards for Derivatives Expansion
Coinbase relies on its “Go Broad, Go Deep” strategy and its “Five-point Global Compliance Standard” to drive its derivatives expansion in Europe. The “Go Broad, Go Deep” strategy focuses on establishing clear rules, licenses, and registrations for international expansion. The “Five-point Global Compliance Standard” ensures that Coinbase’s products and services meet the highest standards of reliability in the market. This standard encompasses an experienced team, industry-leading AML and KYC standards, enforcement of global sanctions, best governance practices, and rigorous monitoring and reporting.
Registration as a VASP in France
In addition to its plans for Europe, Coinbase has obtained the PSAN registration (Virtual Asset Service Provider) in France. This registration allows Coinbase to offer regulated crypto products and services to retail, institutional, and ecosystemic users in France. It marks a significant milestone in Coinbase’s international expansion journey as it can now provide fully regulated services such as custody of digital assets, buying and selling, and exchanging to French customers.
Hot Take: Coinbase Expanding Derivatives Offering in Europe
Coinbase is taking strategic steps to expand its derivatives offering in Europe by acquiring an authorized entity in Cyprus. This move aligns with Coinbase’s mission of global expansion and its commitment to meeting regulatory standards. By obtaining the necessary license from MiFID, Coinbase aims to capture a larger share of the global cryptocurrency market claimed by derivatives. Additionally, Coinbase’s registration as a VASP in France further demonstrates its dedication to providing regulated services to customers. These developments highlight Coinbase’s efforts to establish itself as a trusted and reliable player in the crypto industry.
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