Coinbase announced receiving an e-money license from the UK’s Financial Conduct Authority (FCA). The license will allow Coinbase to issue e-money and provide payment services in the UK. The license requires Coinbase’s e-money operations to meet the strict rules enforced by the FCA and the Payment Services Directive.
Coinbase’s UK head Zeeshan Feroz says that UK customers will benefit from faster, safer and seamless bank transfers. It means that each e-money operation has safeguards and operational standards at par with other regulated financial institutions.
Feroz notes that the license only applies to Coinbase’s fiat activities, not its cryptocurrency dealings.
The e-money license spread beyond the UK to 23 countries within the EU. Despite the latest confirmation that Britain will not have passporting rights post-Brexit. Coinbase would have to open a new office in the EU.
“The UK is a huge market for us, Brexit or no Brexit. … We’ve got access to a type of talent pool you can’t really get anywhere else besides the UK in Europe. We certainly intend to invest significantly in the UK office and the headquarters here. The roles we’re hiring from range from engineering to compliance and everything in between.”, said Zeeshan Feroz to Business Insider.
The EU markets grow faster than any other world markets in2017 and UK continue to be the largest one. In order to this Coinbase will grow the London team 8x by the end of 2018.
Coinbase has also become the first crypto exchange to open a bank account in the Barclays, UK, and it means that it becomes first legal e-currency in EU.