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Coinbase Targets European Market Leadership Through Strategic MiFID License Acquisition

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Coinbase, a leading crypto exchange, is expanding its European presence by acquiring a Cyprus-based firm certified under the EU’s Markets in Financial Instruments Directive (MiFID).

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The acquisition, according to the company’s blog post, matches with Coinbase’s objective to strengthen its position in the European market. The MiFID license is essential to the EU’s regulatory system, as it governs investment services and activities between member countries. By obtaining this license, Coinbase positions itself to gain access to a greater percentage of the global crypto market, notably in derivatives, which account for a significant chunk of crypto trading activity.

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Coinbase stresses regulatory compliance in its expanding activities. The organization sets a Five-Point worldwide Compliance Standard, focusing on areas such as team vetting, AML and KYC standards, worldwide sanctions enforcement, governance practices, and continual monitoring and reporting. These procedures are consistent with Coinbase’s approach to meeting international regulatory obligations.

Coinbase’s compliance and legal team, which consists of over 400 individuals with experience in numerous regulatory bodies, is in charge of overseeing the application of these standards. Their prior experience includes work with the FBI, DOJ, OFAC, FinCEN, and big banks. The transaction is subject to typical closing conditions, which include regulatory approvals. Coinbase expects to complete the transaction in 2024, marking a big step forward in its efforts to expand into the European market.

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David Duong, CFA, Head of Institutional Research at Coinbase, prepared a research study titled “2024 Crypto Market Outlook,” which was published by Coinbase Institutional on December 14, 2023. This comprehensive 83-page analysis, which delves into the projected trends and advancements in the bitcoin business for 2024, was summarized by Duong on LinkedIn.

The fact that the entire market capitalization of cryptocurrencies doubled in 2023, according to Duong, signaled the end of the “crypto winter” and the beginning of a new stage for the asset class. He cautioned against reading this rebound as a final shot in the arm of those who had prematurely predicted the demise of cryptocurrencies. Duong asserts that the advancements made in the last year have surpassed projections and cemented the place of cryptocurrencies in the banking industry. He believes that the current task is to use this momentum to support the development of a more robust and creative crypto ecosystem.

Several major trends for 2024 are identified in the report:

  • Institutional Interest in Bitcoin: According to Duong, institutional interest in Bitcoin will not waver, particularly in the first half of 2024. Growing demand from conventional investors wishing to get into the cryptocurrency space is driving this trend.
  • Macro Framework Reset: According to the analysis, risk assets will benefit from good macroeconomic conditions in 2024. Duong cites several favorable aspects for the cryptocurrency market, including continued disinflation, a projected downturn in U.S. economic activity, and anticipated rate reduction by the Federal Reserve. He also emphasizes how crucial it is for cryptocurrency laws to change in order to promote long-term usage.
  • Real-World Applications: According to Duong, there will likely be more advancements in the fields of gaming, decentralized identity management, and decentralized physical infrastructure (DePIN) for cryptocurrencies. He points out that the foundation for these applications has been laid, and that more developments are anticipated in 2024.
  • Blockchain User Experience: Duong emphasizes continuous initiatives to improve the user experience inside the cryptocurrency industry. He believes that these advancements will help the sector move from early adopters to general consumers, which will be a significant step forward for blockchain technology.

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