The bear market has put a hold on several things, but exploration is not one of them. Prominent crypto exchanges like Binance, Coinbase, and Crypto.com have continued expanding their global reach, and European countries have become a new hotspot for crypto businesses. Just last month, Binance veered into Italy and France, and Coinbase could soon be setting up shop in Italy following its latest approval by the country’s regulators.
Earlier today, Coinbase revealed that it had acquired a green signal from Italian regulators to continue functioning in the country. A license is mandated by the Organismo Agenti e Mediatori [OAM]. As a result, crypto businesses operating in the region must entail a permit to offer crypto trading, custody, and other services.
It should be noted that Coinbase has been operating in Italy for quite some time. However, with its latest approval, it has legally managed to work in the region.
Noting the importance of this approval, Nana Murugesan, the VP of International and Business Development at Coinbase, 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. Gaining this regulatory approval is a testament to our close collaboration and positive working relationship with the Italian financial regulators.”
Coinbase to reach out to other regulators as well?
It looks like Italy was just a pit stop. During an interview with Bloomberg, Murugesan revealed that the firm is on a Euro venture. The exchange is in the process of obtaining licenses in Spain, France, Italy, and the Netherlands. While it ticked Italy off its list, the other few are speculated to be achieved soon.
Furthermore, Coinbase is already operating as a registered entity in Ireland, Germany, and the UK. Speaking about future endeavors, he added,
“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.”
Additionally, this news comes amidst Coinbase’s recent rumors about insolvency. While several noted that it was a bad idea, a few others were pleased with the platform.