Coinbase continues its expansion in Europe. The exchange platform has just obtained a key license, via the acquisition of a subsidiary of the company Bux. This will allow it to offer derivative products.
Coinbase gains a foothold in Europe with crypto derivatives
Coinbase has made no secret of its attraction to the European market in recent months. The platform has just reached a new stage by acquiring the Cypriot branch of Buxa European brokerage company.
This purchase allows it to obtain a coveted key: the MiFID II license. This will officially authorize the exchange platform to offer crypto derivative products on European territory. It provides in particular for the collection and storage of information on customers, as explained on the AMF website:
“Investment firms are subject to the rules of pre-trade and post-trade transparency, data retention and reporting of transactions to the regulator.»
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Bux subsidiary renamed Coinbase Financial Services Europe for the occasion. Coinbase announced the news via an updated blog post. She reveals that the acquisition took place last August, but that she had not communicated on the subject before this week.
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Coinbase shows white paw to European regulators
The news comes as MiCA legislation comes into forcewhich created a new regulatory framework for companies in the sector. Coinbase has therefore positioned itself in advance to show its desire to stay within the rules:
“European MiFID is one of the most acclaimed investment licensing regimes in the world. »
According to the exchange platform, 75% of the trading volume of cryptocurrencies comes from derivative products. Europe therefore represents a juicy market for the American company.
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Bux, the Cypriot platform in question, had used the European license to offer contracts for difference (CFD). This is therefore likely the type of product that will initially be offered by Coinbase.
However, the platform specifies only a selection of European countries will have access to these derivative products. At this stage we do not know whether France will be part of it, but it is very likely, Coinbase having obtained PSAN status in France last December.
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Source: Coinbase
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