The official announcement by Coinbase stated, "We have a long road ahead before finalizing the acquisition and operationalizing the EU MiFID licensed entity, but this is an exciting step forward in our efforts to expand access to our international derivatives offerings..."
Crypto exchange Coinbase revealed that it is in the process of taking over a MiFID-licensed entity in Cyprus to increase its derivatives offerings in the EU.
In its blog post, Coinbase said the acquisition will serve as a key step in its "Go Broad, Go Deep" global expansion policy. According to Coinbase, the takeover will allow the crypto giant to add options, futures, and other derivatives to its crypto offerings for select EU nations.
Coinbase noted that it has observed strong interest in derivatives products, citing that the MiFID-approved firm will help the exchange capture over 75% of the international crypto derivatives market.
However, it is worth noting that Coinbase has yet to disclose the name of the Cyprus-based entity.
MiFID or Markets in Financial Instruments Directive is a set of guidelines that regulate corporations and financial instruments. The directive was revised in 2014 to include more asset classes, including crypto tokens and derivatives. The changes proposed by “MiFID II” came into effect in 2018.
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Ayush Pande
Ayush Pande is a hardware, gaming, and crypto writer based in India. He's a tech enthusiast who's fascinated by the potential of blockchain technology.
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