In a statement released Monday, Coinbase said it has gained a regulatory license to operate as a crypto service provider in Italy. In a statement, the US-based crypto trading platform said the license will enable it to continue to serve consumers in Italy with continuous digital asset service offerings.
Under Italy’s OAM criteria developed as a baseline criterion for enterprises providing crypto-related services in Italy, the permission was signed by the country’s regulatory authorities, according to the official release. The OAM is in charge of keeping track of all of the country’s Financial Agents and Credit Mediators.
According to Coinbase, it was one of the first businesses to achieve the standards and is now selling crypto services for Italian consumers alongside Binance, CryptoCom, and Huobi Global.
A Coinbase official commented on the news, stating that the license reflects the company’s continuous compliance with local regulatory authorities in its registered territory. Nana Murugesan, Vice President of International and Business Development, agreed.
Our goal of advancing economic freedom throughout the globe requires that we cultivate strong working relationships with authorities in every country where we operate. According to him, “getting regulatory permission is a tribute to our tight cooperation and excellent working relationship with the Italian financial authorities.”
Coinbase said in June that it intends to extend its product and service offerings across Europe in order to increase its market share and propel its expansion.
The U.S. crypto exchange already operates in the United Kingdom, Germany, and Ireland, and it is actively looking to expand into Spain, the Netherlands, and Switzerland. The corporation has said that it is working with several European authorities in order to better serve its European consumers.
An agreement was struck earlier this month between the European Union (EU) and MiCA, the planned crypto regulatory framework. An EU-wide regulation with a unified set of rules throughout 27 member states
Before delivering their services in any EU country, crypto firms are required by MiCA regulation to get an operating license and proper consumer protection rights.
Murugesan said that the company is trying to appoint a regional manager for Europe. Coinbase, on the other hand, cut off 18 percent of its workforce in June owing to the recent crypto market crisis that wiped off $2 trillion.
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