Cryptocurrency exchange Coinbase has successfully obtained regulatory approval to offer crypto services in Italy, the company announced in a blog post on July 18. The company said, “Coinbase is committed to bringing the power of our full product suite to customers across Europe.”
Coinbase Gains Regulatory Approval
The cryptocurrency exchange announced on Monday that it has secured regulatory approval to provide crypto services in Italy. Nana Murugesan, the company’s vice president of International Business Development said,
Today, we’re able to announce a key milestone … securing approval from Italian regulators to provide ongoing crypto services to its residents.
The new requirement implemented by the Organismo Agenti e Mediatori (OAM), mandated that all companies offering crypto trading, custody or other services, meet set criteria.
Murugesan detailed that in addition to Italy, Coinbase serves customers across almost 40 European countries through hubs in Ireland, the United Kingdom, and Germany. She added,
We are in the process of strengthening our presence across Europe and have registrations or license applications in progress in several major markets in compliance with local regulations.
Murugesan explained that in each of the markets, Coinbase’s goal is to grow its customer base by launching the Coinbase suite of retail, institutional, and ecosystem products. The company announced its foray into the European markets last month and is currently in the process of expanding into France, Spain, and the Netherlands.
The blog post concluded with the following statement,
Building a constructive relationship with regulators in every jurisdiction in which we operate is incredibly important as we march toward our mission of increasing economic freedom in every corner of the world. Gaining this regulatory approval is a testament to our close collaboration and positive working relationship with the Italian financial regulators. As we continue to grow across Europe and other regions, maintaining our strong regulatory relationships will ensure that we will continue to bring to market the products that our customers want, through the most trusted and secure platform in the cryptoeconomy.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.