Coinbase Receives Single License to Operate in the EU

Daniel Seifert, vice president and regional managing director of Coinbase for Europe, the Middle East, and Africa, noted that the company had previously operated in a number of European countries on the basis of local permits. We are talking about licenses from regulators in countries such as Germany, France, Ireland, Italy, the Netherlands, and Spain. According to Seifert, the new permit effectively combines these licenses and opens up the opportunity to work according to uniform standards within one of the largest economic zones in the world.

Meanwhile, the crypto industry is still debating the quality of regulation in the EU. Peter Kirk, CEO of the UK-based cryptocurrency portfolio manager ICONOMI, expressed concerns in an interview with Decrypt about crypto companies choosing jurisdictions with less stringent requirements. He noted that many firms prefer to open offices in smaller countries, such as Malta, which has a more flexible and modern regulatory system. According to Kirk, such decisions could undermine the efforts of European authorities to create a single and effective control over the industry.

Kirk emphasized that despite the introduction of common MiCA rules aimed at unifying the supervision of cryptocurrencies, significant differences in regulatory approaches among EU member states remain. He warns of the risk of lowering standards, which could affect the level of consumer protection and trust in cross-border transactions.

In addition to Coinbase, such well-known platforms as OKX, Crypto.com and Bybit have also received a MiCA license to operate in the EU. This indicates the growing interest of the crypto industry in the European market and the desire of companies to comply with new legislative requirements.