Coinbase Gets Green Light to Offer Crypto Services in Italy

Nasdaq-listed cryptocurrency exchange Coinbase (COIN) announced on Monday that it received regulatory approval to provide crypto services in Italy.

Nana Murugesan, vice president of International and Business Development at the exchange, detailed in a blog post:

“Today, we’re able to announce a key milestone … securing approval from Italian regulators to provide ongoing crypto services to its residents.”

The Coinbase VP elaborated:

“The new requirement implemented by the Organismo Agenti e Mediatori (OAM), mandated that all companies offering crypto trading, custody or other services, meet set criteria.”

Regulated European Markets

Furthermore, Murugesan detailed, “Coinbase serves customers across almost 40 European countries through dedicated hubs in Ireland, the U.K., and Germany,” while we are “committed to bringing the power of our full product suite to customers across Europe.”

To secure market share in Europe, regulatory approval in each of the European nations is required. The Coinbase executive said:

“We are in the process of strengthening our presence across Europe and have registrations or license applications in progress in several major markets in compliance with local regulations.

“In each of these markets, our goal is to grow our customer base by launching the Coinbase suite of retail, institutional, and ecosystem products.”

Last month, Coinbase announced its ambitions for Europe as it expressed excitement about the crypto regulation on the continent.

Prior to Coinbase’s regulatory greenlight in Italy, competing cryptocurrency exchange Binance, had already secured approval in May of this year.