Top US cryptocurrency exchange Coinbase is in the process of launching digital asset derivatives products in “select countries” in the European Union (EU).
The exchange notes in a recent announcement that it is acquiring a Cyprus-based entity with a European Union Financial Instruments Markets (MiFID) license.
Coinbase said the entity would expand its offering of derivatives products to eligible customers in select countries in the EU.
“The EU’s MiFID is one of the world’s most highly regarded licensing regimes for investment services and activities. MiFID has established a comprehensive single rulebook for the entire EU and is a central pillar in the EU’s Capital Markets Union strategy. Adding such a license to our international portfolio would further support the strong interest we have seen in our derivatives offering and help us capture a greater share of the ~75% of the global crypto market claimed by derivatives.”
Coinbase says it still has “a long way to go” before it can fully operationalize the Cypriot entity, but the exchange notes it expects the acquisition to close this year.
In September, the company announced it had been given the green light to offer perpetual digital asset futures to investors outside the US through a new exchange licensed in Bermuda.
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