Coinbase Receives Regulatory Approval To Operate in Italy

• Crypto firms must get a license to provide trading, custody, and other services.
• Murugesan said that the company is doing a Euro-based venture.

The bear market has not halted development, even though many other activities have. Binance, Coinbase, and Crypto.com are some of the most prominent cryptocurrency exchanges in the world, and Europe has become a new hotspot for crypto firms. Binance expanded into Italy and France, while Coinbase has received a regulatory license to open an office in Italy.

Expansion Across Europe

Coinbase said earlier today that Italian officials had given the company the go-ahead to continue operating in the country. A license is required by the OAM [Organismo Agenti e Mediatori]. Consequently, crypto firms in the area must get a license to provide trading, custody, and other services.

Nana Murugesan, the VP of International and Business Development at Coinbase, said:

“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.”

Coinbase has been functioning in Italy for a long time. However, it has been able to legally operate in the area since receiving its most recent license. It seems that Italy was only a pit stop for the team. On Bloomberg, Murugesan said that the company is doing a Euro-based venture. Spain, France, Italy, and the Netherlands are all in the process of approving the exchange.

While Italy was crossed off the list, the remaining few are expected to be accomplished shortly. In addition, Coinbase is already registered in Ireland, Germany, and the United Kingdom as a legal business. Coinbase’s recent bankruptcy allegations have also fueled speculation regarding this company’s future. 

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