Latest news with #MarketsinCryptoAssets
CNBC
11 hours ago
- Business
- CNBC
Coinbase secures EU crypto license, swaps Ireland for Luxembourg as main hub
Coinbase has secured a license from Luxembourg to offer crypto services across the European Union and will make the country its central hub in the region. The U.S. crypto exchange's main European base has been in Ireland since 2023. Coinbase said Friday that it obtained its Markets in Crypto Assets (MiCA) license from Luxembourg's Commission de Surveillance du Secteur Financier (CSSF). MiCA is a sweeping regulation that aims to create a harmonized legal framework for crypto across all 27 EU member states. The rules, which came fully into force late last year, also aim to reduce risks for consumers buying crypto assets following a series of scandals in the sector. It makes Coinbase the first U.S. crypto exchange to receive a MiCA license. Rival firm Gemini, which is owned by the Winklevoss twins, is expected to receive its own EU license from Malta soon. Gemini chose Malta as its MiCA hub in January. "Coinbase is all in on Europe, and we're advocating for crypto's future across the continent," Coinbase CEO Brian Armstrong told CNBC. "MiCA has set the standard, and Luxembourg is leading the way with its pro-business climate and thoughtful approach to regulation." Previously, Coinbase decided on Ireland as its central EU hub in 2023 and launched a big public relations blitz around the move at the time. However, the company ultimately backtracked on this decision, concluding Luxembourg would make more sense for its status as a "forward-thinking financial hub." "The decision was made less-so due to Ireland, but rather for the reasons that Luxembourg presented a highly compelling option," Daniel Seifert, vice president and regional managing director of EMEA at Coinbase, told CNBC. Luxembourg has four blockchain-related policies that have been signed into law, whereas Ireland currently lacks any crypto-specific laws. He added that Coinbase is still investing heavily in Ireland with "imminent" plans to add around 50 jobs to its local Dublin office. Seifert has also personally relocated to the country from Germany as CEO of Coinbase's Irish entity. Globally, Coinbase isn't the first to receive crypto authorization across the EU — but it is one of the largest. Rival exchanges Bybit, OKX and BitGo have all secured their own respective MiCA licenses.
Yahoo
06-06-2025
- Business
- Yahoo
MoonPay gains BitLicense and money transmitter licence in New York
MoonPay has secured BitLicense and money transmitter licences from the New York State Department of Financial Services (NYDFS), enabling the company to extend its cryptocurrency services to residents of New York. This regulatory nod allows New Yorkers to access MoonPay's complete range of fiat-to-crypto services, including the purchase and sale of cryptocurrencies through various payment methods and the MoonPay Balance feature. The BitLicense, a regulatory standard within the cryptocurrency industry, completes the firm's regulatory framework across the US, enabling it to serve in all 50 states. The announcement comes shortly after the crypto payments company revealed its new headquarters in New York City. MoonPay CEO and co-founder Ivan Soto-Wright said: 'With the approval of our New York BitLicense and Money Transmitter Licenses, MoonPay now holds the golden regulatory stack for crypto in the U.S., allowing us to directly serve customers in every single state without gaps in coverage. 'As a U.S.-founded company with a headquarters in New York City, we're immensely proud of this milestone and look forward to our continued work with regulators nationwide to make crypto accessible to everyone.' Additionally, MoonPay is registered in multiple international regions, including the UK, Australia, Canada, Italy, Ireland, and Jersey. In December 2024, MoonPay secured a crypto asset service provider licence under the EU's Markets in Crypto Assets (MiCA) regulation. Last month, MoonPay partnered with Mastercard to facilitate global stablecoin transactions using Mastercard-branded cards. "MoonPay gains BitLicense and money transmitter licence in New York " was originally created and published by Electronic Payments International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
03-06-2025
- Business
- Yahoo
BCB Strikes Deal with SocGen–FORGE to Distribute Euro-Pegged Stablecoin EURCV
BCB Markets, the trading arm of crypto payments firm BCB Group, has inked an agreement with Societe Generale–FORGE to distribute EURCoinVertible (EURCV), a euro-linked stablecoin developed by the French banking giant's digital asset subsidiary, the company said in a press release on Tuesday. The move marks another step toward broader adoption of fiat-linked digital assets, as institutions look for stablecoin alternatives beyond the U.S. dollar. Launched in April 2023, EURCV is among the first stablecoins to comply with the European Union's Markets in Crypto Assets (MiCA) framework, which came into effect this year, BCB said. Backed by cash reserves and pegged to the euro, EURCV is intended for institutional use and aims to bring stability and regulatory clarity to the stablecoin space in Europe. 'The stablecoin market is dominated by dollar-pegged coins, which is useful for many, but we believe the euro deserves a native, regulated digital representation,' said Jerome Prigent, managing director of BCB Europe, in the release. BCB said the partnership would allow its clients, ranging from crypto-native firms to traditional financial institutions, to leverage EURCV for faster and cheaper transactions, particularly in cross-border payments. Prigent noted that the appeal of euro-denominated stablecoins could stretch beyond the continent, as businesses in emerging markets across the Middle East, Africa and Latin America are actively exploring alternatives to U.S. dollar-linked tokens for remittances and trade. Euro-denominated stablecoins can reduce the cost of cross-border money transfers by as much as 80%, without the need to route payments through the dollar, Prigent added. 'The collaboration with BCB Markets supports the EURCV stablecoin expansion as an effective means of payment across various geographies and use cases,' Jean-Marc Stenger, CEO of Societe Generale–FORGE, said in the release. The announcement comes as regulated stablecoins gain momentum in Europe under MiCA, which sets new standards for transparency, reserve management, and licensing for issuers.
Yahoo
29-05-2025
- Business
- Yahoo
Crypto Exchange Bybit Granted MiCA License in Austria
Crypto exchange Bybit has been granted a license in Austria in compliance with Europe's framework for dealing in digital assets, the Markets in Crypto Assets (MiCA) regime, according to the website of the local regulator FMA. Europe's new MiCA rules came into force at the start of this year, prompting firms to select the most appropriate member state to base operations and passport services across the 27-country trading block. Austria is also the MiCA home base of crypto trading firm Bitpanda which also holds a licence in Germany. Founded in 2018 by entrepreneur Ben Zhou, Bybit, which has risen to become the second largest exchange by volume according to CoinMarketCap, is based in Dubai having moved its headquarters from Singapore in 2022. In February 2025, the exchange was hacked resulting in the loss of $1.5 billion in assets in the largest cryptocurrency theft on record. Bybit did not immediately respond to requests for comment.
Yahoo
01-05-2025
- Business
- Yahoo
UK's Delayed Regulation Hurts Plan to Be Global Crypto Hub, Executives Say: CNBC
The U.K. needs to work harder at becoming a global center for the crypto industry to avoid falling behind countries like the U.S., industry executives told CNBC. The country has been saying it wants to be a crypto hub since 2022, before the current Labour government was elected, yet only this week did it start seeking comments on draft legislation for the industry. The European Union, meanwhile, has already implemented its Markets in Crypto Assets legislation (MiCA), which provides a uniform regime across the bloc, and the new U.S. administration of President Donald Trump is promoting the industry and relaxing regulation. 'If I look at the speed of innovation, I do feel that the U.S. is ahead — although they have their own challenges. But look at Singapore, Hong Kong — again, you see much more rapid innovation,' Jaidev Janardana, the CEO of digital bank Zopa, told CNBC. 'I think we are still ahead of the EU, but we can't remain complacent with that.' Trump, for his part, has been urging departments to make crypto-friendly policies, and stablecoin legislation is working its way through the Senate. The stablecoin sector could surge 10-fold to reach $2 trillion within three years following the passage of the legislation, Standard Chartered has forecast. 'Other jurisdictions have started to seize the opportunity,' said Cassie Craddock, the managing director for U.K. and Europe at blockchain firm Ripple, in an interview with CNBC. Mark Fairless, CEO of payments infrastructure firm ClearBank, said his business has been looking to develop its own stablecoin and has been held back by the lack of regulatory clarity. Stablecoins are 'part of our medium-term, longer-term strategy,' Fairless told CNBC. 'We see ourselves well set up for that.' However, he added, a ClearBank stablecoin will be possible only once there's clarity from U.K. regulators including the Bank of England. Still, the country hasn't entirely missed the bus. "The U.K. is still that great place to set up. We have all the ingredients there, because we've got the ecosystem, we do have this talent setting up new businesses," Lisa Jacobs, CEO of business lending platform Funding Circle, said. "But it needs to continue. We can't rest on our laurels." 'I think the U.K. will get it right — but there is a risk if you get it wrong that you drive innovation to other markets,' Keith Grose, Coinbase's U.K. head, told in to access your portfolio
