Coinbase announced in their recent blog post that they have acquired a license to provide crypto assets services in Italy recently. This license came after the cryptocurrency service provider had met all regulatory requirements stipulated by Italy’s economic regulatory body.
This license means that Coinbase can now fully operate and provide crypto services including their new product and services in the European nation.
The economic body governing the Italian Federation is the Organismo Agenti e Mediatori (OAM) and they have a standing order of requirements that have to be met by all cryptocurrency platforms or companies in Italy that offer trading, custody, or other product services.
Coinbase has successfully met this list of requirements and has been given a license to kick-start operations in Italy. Vice President, International, and Business Development at Coinbase, Nana Murugesan stated that gaining the operational license is a strong testament to the positive relationship between the cryptocurrency giant and the Italian financial regulators.
Coinbase also states in the blog, that its goal is to promote economic freedom by driving cryptocurrency adoption across the world.
Coinbase continues to grow its presence around the world even in the stringent crypto winter. The company is present in 40 European countries through its dedicated hubs in Germany, Ireland, and the United Kingdom.
Coinbase also wants to make use of the potential they see in the U.K.’s ambitions to become a leading international hub for cryptocurrency as they expand their presence in the country. The U. K. is currently Coinbase’s largest international market.
They are also not only focused on the U. K. as they have already established a center of regional excellence in Ireland to drive business outcomes by working closely with regulators and business organizations.
In Switzerland, the cryptocurrency giant is looking to establish its market presence within the Central European region by strengthening operations in the DACH.
Coinbase certainly still has other plans up its sleeve like the expansion of its footprint across Europe and investment in the general development of the cryptocurrency ecosystem.
Featured image source: www.cryptopotato.com
