Coinbase has officially expands the range of services associated with digital money in the US and the EU.
The UK regulator (the FCA) gave Coinbase a license to operate with electronic money. This license allows the company to provide payment services and issue digital alternatives to cash, which can then be used for making card, Internet or telephone payments.
A Coinbase representative said that the electronic money is different from cryptocurrencies. The company commented on the event:
We strive to ensure that customer funds are always secure and obtain such a license means that our transactions with electronic money are certain safeguards and standards adopted in other regulated financial institutions. This is implemented, for example, in the approach to client funds separated from company funds and are on separate Bank accounts.
It is noteworthy that the FCA license allows Coinbase to work in 23 member countries of the EU, although it is unclear how this will affect the coming British exit from the EU.
Definitely Coinbase will be able to conduct the operations to so-called “Brekzita”. If that time does not appear to any rules allowing Coinbase to conduct operations in the EU, the company will have to obtain a license in one of the countries-EU members.
In addition to receiving the new license, Coinbase announced the addition to the system of the U.K. Faster Payments Scheme through which UK citizens can make Bank payments in the country almost instantly.
The move is part of efforts Coinbase to meet the growing demand in the European market. In addition, the company also announced an increase in their team located in London 8 times.