Coinbase Hunts Licenses to Grow Its European Presence

Coinbase has launched a license-seeking hunt in Europe as part of an expansion plan in the region.

The exchange already has an active presence in the UK, Ireland, and Germany, but wants to set up operations in Spain, Italy, France, the Netherlands, and Switzerland. Coinbase is in talks to get approval under anti-money laundering rules in several countries.

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Earlier in June 2022, Coinbase announced it would lay off 18% of its workforce, while other firms including Gemini and BlockFi haven taken similar steps amid a fall in crypto prices.

The company is gearing up for MiCA, or Markets in Crypto-Assets, a piece of legislation from the EU that aims to harmonize the regulation of crypto across the bloc. Officials from the European Council and Parliament are due to meet Thursday in a bid to reach an agreement on the rules​. If all goes smoothly, the expectation is that MiCA will come into force by 2024.

Once approved, it will enable Coinbase to offer its services into all 27 EU member states.

(Source: The Paypers)