Major crypto exchange Coinbase on Monday announced that they have obtained a license of a crypto asset services provider in Italy. The license marks an important milestone in Coinbase’s mission to expand Coinbase’s presence in Europe.
Last week, the company was hit with some unpleasant news such as facing liquidity issues after they announced the closure of its affiliate marketing program in the U.S. Meanwhile, the company also closed Coinbase Pro advanced trading.
The major crypto exchange Coinbase in its official blog on July 18 announced that they have successfully obtained a license of a provider of crypto asset services in Italy. Organismo Agenti e Mediatori, a crypto regulatory body, requires all crypto companies to obtain a crypto asset service provider license before providing services to customers in the country.
With this, Coinbase has become one of the few companies to get a license. It will help the company offer new products and features to its customers in Italy.
The crypto exchange seeks to expand its presence throughout Europe, with the aim of increasing the use of crypto. Currently, it serves customers in nearly 40 European countries through its Irish, UK and German offices. Meanwhile, Coinbase has several pending registrations or license applications in major markets. The goal is to expand its customer base by launching the Coinbase suite for retail, institutional and ecosystem products.
Nana Murugesan, vice president of international development and business at Coinbase, believes it is important to have a constructive relationship with regulators. In addition, maintaining a collaborative relationship with strong regulations can help build a reliable and secure platform for its customers.
Coinbase and Binance will compete healthily in Europe. Coinbase previously mentioned that it is in the process of expanding their colonies in France, Italy, Spain, and the Netherlands.
