In view of the fact that the crypto company met the regulatory requirements, Coinbase has now obtained a crypto asset service approval in Italy, giving the company the license to continue to provide crypto services and new products and features in Italy.
Coinbase Announces Crypto Asset Service Provider Approval In Italy
This announcement was made in Coinbase’s recent blog post, after the company’s previous announcement of wanting to build across Europe. “We are committed to bringing the power of our full product suite to customers across Europe,” said Coinbase.
Coinbase Secures Approval
The cryptocurrency platform obtained this crypto asset service approval when the new requirement implemented by the Organismo Agenti e Mediatori (OAM) ordered that all cryptocurrency companies or platforms in Italy offering crypto trading, custody, or other services, have to meet a set requirement to continue their crypto asset service in the country.
According to Nana Murugesan, Vice President, International, and Business Development, Coinbase gaining this regulatory approval is a testament to their close collaboration and positive working relationship with the Italian financial regulators.
Nana Murugesan also made a statement. She said: “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.”
Nana added, “As we continue to grow across Europe and other regions, maintaining our strong regulatory relationships will ensure that we will continue to bring and market the products that our customers want through the most trusted and secure platform in the crypto-economy.”
According to Coinbase, its goal is to promote economic freedom and, by doing so, increase cryptocurrency adoption all over the world. Coinbase aims to grow its customer base by “launching the Coinbase suite of retail, institutional, and ecosystem products.”
Coinbase Building Across Europe
Coinbase aims to continue growing its presence in countries all over the world. Currently, Coinbase serves customers across almost 40 European countries through dedicated hubs in Ireland, the United Kingdom, and Germany.
The cryptocurrency platform is now implementing a collaborative effort to strengthen its European presence. Earlier this month, Coinbase CEO and Co-Founder Brian Armstrong held a meeting with other executive team members in London and Dublin to meet with policymakers, partners, and critical journalists.
Coinbase sees potential in the UK’s ambitions to become a leading global hub for crypto assets, and they want to make use of that potential to help the UK turn that ambition into success by expanding its presence in the country. Currently, the UK is the largest international market for Coinbase.
Not only in the UK, but Coinbase has also established a regional Centre of Excellence in Ireland to drive business outcomes by working closely with regulators and internal teams, including PED, Compliance, Legal, and Policy.
In Switzerland, Coinbase has strengthened operations in DACH to establish its in-market presence within the Central European build-out.
Furthermore, the cryptocurrency platform seems to have more plans up its sleeve, like the continuation of expanding its footprint across additional European markets and investing in the development of the crypto ecosystem.
