Coinbase receives regulatory compliance in the Netherlands

Sahana Kiran
Source – Unsplash

Regulations and adoption go hand in hand. The crypto industry has evolved over the years and so have governments. While some have been extremely accommodating towards the market, a few others continue to remain hostile. However, garnering licenses to operate in certain regions has become important. Therefore, exchanges across the globe have been trying to enhance their user base by operating under legal conditions. Coinbase, a prominent US-based crypto platform seems to have veered into the Dutch market with regulatory approval.

In a recent blog post, Coinbase announced that it managed to register with the central bank of the Netherlands, De Nederlandsche Bank — DNB. As per this registration, the firm is now touted as a legal crypto service provider in the region. It should be noted that Coinbase is one of the very first prominent exchanges to garner a DNB registration approval.

Through this registration, the crypto exchange would be allowed to offer a wide range of its services to the Dutch. This includes retail, institutional, and ecosystem products.

Nana Murugesan, the Vice President, International, and Business Development at Coinbase noted how this was part of the firm’s ‘compliance-led business’ motto. Elaborating on the same, he added,

“As part of Coinbase’s ambition to be the world’s most trusted and secure crypto platform, we have taken strides to work collaboratively with government, policymakers, and regulators to shape the future in a responsible way. The Netherlands is a critical international market for crypto, and I am really excited for Coinbase to bring the potential of the crypto economy to the market here.”

It should be noted that Coinbase has been traversing throughout Europe and it currently carries out operations in over 40 European countries.

Netherlands and Crypto

Unlike other countries, the Netherlands hasn’t been very stringent regarding crypto regulations. Currently, the Dutch government does not specifically prohibit trading or even the use of crypto in the region.

However, the Netherlands has been making headlines in the crypto-verse for several other reasons. Dutch law enforcement has been making multiple arrests with respect to crypto crime. Recently, the Dutch police nabbed a man for laundering millions using crypto.

Additionally, the Dutch police also made a high-profile arrest of Tornado Cash developer Alexey Pertsev. While he is expected to stay in jail for a period of 90 days, the country seemed to be welcoming legit crypto businesses.