Coinbase Gets Approval From Italian Regulators to Offer Crypto Services in Italy

Coinbase Gets Approval From Italian Regulators to Offer Crypto Services in Italy

The crypto trading and investing platform is on a clear path to expanding its operations across numerous European countries.

Coinbase, the US-based crypto exchange, has recently announced that it scored the Crypto Asset Service Provider approval from the Organismo Agenti e Mediatori (OAM), the Italian watchdoog overseeing financial agents and applying anti-money laundering controls.

According to the official announcement issued on July 18th, the trading platform, which has almost 100 million verified users and operates in roughly 40 EU countries, will now be able to expand its operations by rolling out brand new products and offering crypto-related services in Italy.

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Nana Murugesan, Coinbase’s vice president of international and business development, noted that the approval is a huge milestone for the company, which is seeking to leave a strong mark in the European market.

Murugesan also mentioned that the exchange’s arrival in Italy shows that Coinbase was constantly communicating with the Italian watchdog to expand and “bring to market the products that our customers want.” He added:

“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.”

Following Coinbase’s latest initiative, the firm has now scored licenses in the United Kingdom, Ireland, and Germany. According to some sources, the firm is also looking to expand despite the current crypto bear market, with the next stops being Spain, the Netherlands, Switzerland, and France.

However, it seems as though the cryptopocalypse hasn't been kind to the trading platform as it fell from the tenth to the fourteenth place as a top 10 exchange, with its market share sitting at 2.9%.

On top of that, Coinbase also had to slash a significant portion of its staff, firing around 1100 employees and reducing the company by 18%.

In other news, Coinbase's rival Binance also entered Italy when the world's largest crypto exchange by trading volume managed to register with the OEM. Likewise, yesterday, secured regulatory approval in Italy.

Gyth L. - Crypto Analyst

by Gyth L. - Crypto Analyst, BitDegree