Despite the bear market‘s impact on a series of activities, expansion into new frontiers has not been halted. Prominent cryptocurrency exchanges such as Binance, Crypto.com, and Coinbase have continued to expand globally, and Europe has emerged as a new cryptocurrency hub.
Coinbase may soon open an office in Italy, following its most recent license from Italian regulators. Binance has only recently ventured into Italy and France.
Coinbase announced earlier on Monday that Italian authorities had granted the company permission to continue operations there.
The Italian anti-money laundering regulator, Organismo Agenti e Mediatori (OAM), issues Crypto Asset Service Provider (CASP) licenses to organizations seeking to provide crypto-related services such as cryptocurrency trading and storage. Cryptocurrency businesses must obtain the necessary permits from the OAM in order to legally operate in the region.
Nana Murugesan, Coinbase’s Vice President of International and Business Development, stressed the significance of this clearance:
“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. Gaining this regulatory approval is a testament to our close collaboration and positive working relationship with the Italian financial regulators.”
It appears that Italy was merely a pit stop. In an interview with Bloomberg, Murugesan indicated that the company is working on a European venture. The exchange needs permits from Italy, France, Spain, and the Netherlands to operate in those countries. Italy has been crossed off the list, and the remaining few are expected to follow suit soon.
Coinbase already conducts business as a registered company in Germany, Ireland, and the UK. Murugesan stated the following about the expansion drive:
“As we continue to grow across Europe and other regions, maintaining our strong regulatory relationships will ensure that we will continue to bring to market the products that our customers want, through the most trusted and secure platform in the crypto-economy.”
This announcement coincides with recent insolvency rumours surrounding Coinbase and has elicited mixed reactions from the public. Some thought the expansion drive was terrible, while others thought it was brilliant.
If you would like to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, and Instagram.
“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”
