By The Daily Hodl - 3 months ago - Reading Time: 2 minutes
Coinbase Looking at New Licensing for Offering Crypto Derivative Products in Europe
Top US crypto exchange Coinbase is in the process of launching digital asset derivative products in “select countries” in the European Union (EU).
The exchange notes in a recent announcement that it’s acquiring a European Union Markets in Financial Instruments Directive (MiFID) licensed entity based in Cyprus.
Coinbase says the entity would expand its derivative product offerings to eligible customers in certain countries across the EU.
“The EU’s MiFID is one of the world’s most highly regarded licensing regimes governing investment services and activities. MiFID has established a comprehensive single rulebook across the EU and is a central pillar in the EU’s Capital Markets Union strategy. Adding such a license to our international portfolio would further support the strong interest we’ve seen in our derivatives offerings and help us capture more of the ~75% of the global crypto market claimed by derivatives.”
Coinbase says there’s still “a long road ahead” before it can fully operationalize the Cyprus entity, but the exchange notes that it expects the acquisition to close this year.
In September, the company announced it had been given the green light to offer perpetual digital asset futures to investors outside of the US through a new exchange licensed in Bermuda.
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Original source: The Daily Hodl