Coinbase Gears Up for Global Derivatives Push with MiFID License

<p>Coinbase is acquiring a Cyprus-based entity with a MiFID
license, paving the way for wider access to its derivatives products in Europe.</p><p>This strategic move aligns with
Coinbase's "Go Broad, Go Deep" plan, aiming to establish clear
regulatory frameworks and secure licenses for international expansion. The
MiFID license will allow Coinbase to offer derivatives to eligible customers
across select EU countries.</p><p>Coinbase Gears Up for EU Expansion</p><p>The acquisition targets the lucrative
derivatives market, estimated to account for roughly 75% of the global crypto
space. By expanding its derivatives offerings, Coinbase hopes to capture a
significant share of this market and solidify its position as a leading crypto
player.</p><p>Recognizing the importance of trust
and compliance, Coinbase emphasizes its adherence to a rigorous five-point
Global Compliance Standard. This standard covers vetting personnel,
implementing strict AML/KYC procedures, enforcing global sanctions, upholding
governance best practices, and conducting ongoing monitoring and reporting.</p><p>Over 400 experienced compliance and
legal professionals, with backgrounds in prestigious institutions like the FBI,
DOJ, and major banks, guide Coinbase's compliance efforts. This expertise
ensures adherence to international regulations and safeguards against potential
risks.</p><p>As we move forward with finalizing the acquisition and
preparing to make the entity operational, this step marks a significant step
towards Coinbase's vision of a more global and open financial system. By
providing wider access to derivatives within a robust compliance framework, <a href="https://www.financemagnates.com/tag/coinbase/">Coinbase</a> aims to
empower more than 1 billion people with increased economic freedom.</p><blockquote><p lang="en" dir="ltr">Coinbase is planning a pivotal acquisition that will allow it to launch crypto derivatives in the EU <a href="https://t.co/7jH4kxkpf1">https://t.co/7jH4kxkpf1</a></p>— CNBC (@CNBC) <a href="https://twitter.com/CNBC/status/1743380519247544523?ref_src=twsrc%5Etfw">January 5, 2024</a></blockquote><p>Coinbase Secures VASP Registration in
France</p><p><a href="https://www.financemagnates.com/cryptocurrency/is-france-becoming-eus-crypto-hub-coinbases-vasp-registration-indicates-so/">Coinbase
has recently obtained a Visual Asset Service Provider (VASP) registration in
France</a>, allowing the American cryptocurrency exchange to offer its full
range of retail, institutional, and ecosystem products and services to users in
the country. This announcement coincided with Circle, a stablecoin issuer and a
company in which Coinbase holds a stake, revealing its VASP registration
in France on the same day.</p><p>Daniel Seifert, the Vice President and
Regional Managing Director, EMEA at Coinbase, emphasized that achieving <a href="https://www.financemagnates.com/tag/vasp/">VASP</a> status in France is a
significant milestone that enables the platform to continue global growth
responsibly while prioritizing consumer asset security and compliance. </p><p>A survey by Toluna revealed that 20
percent of French adults currently hold cryptocurrencies, and an additional 24
percent express the desire to enter the asset class within the next 12 months.
This data underscores the high demand for cryptocurrencies in France.</p>

This article was written by Tareq Sikder at www.financemagnates.com.