Coinbase, a crypto exchange based in the U.S, has secured approval to offer cryptocurrency services in Italy. Coinbase began offering bitcoin services in Italy a while ago, with Coinbase card services available in the country as of June 2019. On July 18, Coinbase revealed that it had received a Crypto Asset Service Provider license from the Italian anti-money laundering authority, Organismo Agenti e Mediatori (OAM).
According to Nana Murugesan, Coinbase’s vice president of international and business development, the authorization will allow Coinbase to keep providing crypto services and introduce new products in Italy. Coinbase began offering cryptocurrency services in Italy a while ago. As previously reported, Coinbase card services were available in Italy, as well as Spain and Germany, as of June 2019.
Murugesan noted that Coinbase is present in approximately 40 European nations, with specialized hubs in the United Kingdom, Germany, and Ireland.
In the announcement, Murugesan stated, “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.” He continued that Coinbase’s goal is to grow its customer base by launching the Coinbase suite of retail, institutional, and ecosystem services in each of those markets.
Coinbase is not the first crypto exchange platform to be approved by the OAM. Binance, another crypto exchange, received approval from the authorities in May 2022, allowing the company to open its new headquarters in Milan. The approval is in line with Coinbase’s increased operations in Europe. Due to the prolonged cryptocurrency market downturn, the exchange revealed in late June that it was aggressively working on expanding in Europe. According to Murugesan, the company intends to register in other European nations, including Italy, Spain, France, and the Netherlands.
Coinbase’s latest European development plans come just after the business cut 18 percent of its workforce in mid-June, citing the economic downturn.
Featured Image: Megapixl @Selagin
