Coinbase Licensed by UK Regulators for Cyber ​​Currency License

nWhen the storm went out, Coinbase, an internationally renowned cryptocurrency exchange, has now obtained electronic money licenses issued by the UK. This means that the company can then officially conduct business in the UK and EU markets. Although the UK officially leaves the EU, its operations in the EU are likely to be affected. But for Coinbase, the opportunity to gain access to the UK and EU markets has been very beneficial to its subsequent development.n
nTranslation: Inan
Coinbase will officially start expanding its digital currency services in the UK and the European Union.n
The company announced on Wednesday that it has received an e-money permit issued by the Financial Conduct Authority (FCA). This license allows Coinbase to provide payment services and distribute digital currency that can be used for credit card, internet, and mobile payments.n
A Coinbase spokesperson stated that electronic money is different from cryptocurrencies. The company’s press release stated that the strict supervision brought by this license is aimed at protecting consumers.n
For this reason, Coinbase explained:n
n“We are committed to ensuring the safety of our customers’ funds, and this progress means that our e-money business has the same safeguards and operating standards as other regulated financial institutions. For example, in terms of the separation of client funds, all customer’s legal currency balance will be Separated from its Coinbase funds and kept in a separate bank account.”n
nIt is worth noting that this license issued by the FCA allows Coinbase to conduct business in 23 EU member states, but it is unclear whether the Brexit issue will affect this.n
According to a Coinbase spokesman, the company can trade in the European Union until the UK officially leaves the EU. If the rules allowing him to continue trading are repealed, Coinbase will have to suspend operations until a new permit is obtained from the EU member states.n
In addition to obtaining e-currency licenses, Coinbase also announced that it will participate in the UK’s Faster Payments Scheme, which aims to provide residents with efficient bank transfer services. According to the press release, Coinbase will conduct pilots and all UK customers should be able to visit within a few weeks.n
This time entering the UK and the European Union is part of Coinbase’s efforts to meet the growing demand from the European market. To this end, the company also plans to expand its London team by eight times.n

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