Coinbase, a leading cryptocurrency exchange, has received regulatory approval to operate as a crypto service provider in the Netherlands. In a blog post on Thursday, Coinbase stated that it has successfully registered with the Dutch Central Bank of Nederlandsche Bank (DNB) as a crypto service provider. The authorization will "allow Coinbase to offer our entire collection of retail, institutional, and ecosystem services to customers in the Netherlands." Coinbase is added on to a list of more than 30 other cryptocurrency-asset service providers on the national central
"As part of Coinbase''s ambition to be the world''s most trusted and secure crypto platform, we have taken steps to work together with governments, policymakers, and regulators to define the future in a responsible way," said Nana Murugesan, Coinbase''s Vice President for International and Business Development.
Hoi, Nederland! We are proud to be the first major global crypto exchange to receive regulatory approval in the Netherlands, a significant milestone in Coinbase''s ongoing international expansion.
In the Dutch market, the registration has given the cryptocurrency exchange the ability to offer all of its retail, institutional, and ecosystem products.
"Coinbase is proud of being a compliance-led business. The Netherlands is a crucial international market for crypto, and I am really excited for Coinbase to increase the potential of the crypto economy here."
Regulations, according to the firm, will enable the growth of crypto as well as clear regulatory frameworks will encourage innovation and build trust in the industry.
Coinbase has already acquired operational licenses in Ireland, the United Kingdom, Germany, and Italy, with intentions to expand into France, Spain, and Switzerland as part of its European expansion strategy.
After meeting the requirements stipulated by the Italian financial watchdog, the Organismo Agenti e Mediatori (OAM) in July, the exchange obtained an operational licence in Italy. The requirements are part of the country''s efforts to combat illegal transactions and money laundering.
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Following the LUNA implosion and other headwinds, Coinbase will expand into 26 other European Union (EU) countries. MiCA represents a landmark measure by the EU aimed at controlling the crypto wild west.