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Coinbase is licensed as a crypto service provider in Italy

 


The American crypto exchange Coinbase has achieved the next success for its expansion plans in the European market and has secured official approval as a crypto service provider in Italy.


As announced today, July 18, Coinbase has received Crypto Asset Service Provider status and consequent authorization for cryptocurrency-related services from the Italian financial regulator Organismo Agenti e Mediatori (OAM).


As Nana Murugesan, Coinbase's Vice President of International and Business Development, explains on the company's blog, the new approval officially allows the crypto exchange to continue operating and launching new products in the Italian market.


Coinbase has been offering crypto services in Italy for a while. For example, as Cointelegraph reported, the crypto exchange already launched its own crypto debit card in June 2019 in the Alpine republic and other European countries such as Spain and Germany.


As Murugesan emphasizes in this context, Coinbase currently operates in almost 40 countries in Europe, with the larger bases of the trading platform being in Great Britain, Germany and Ireland.


"We are in the process of expanding our presence in Europe and have applied for approvals in several key markets to be in line with regional regulations," said Murugesan. He adds that Coinbase next wants to expand its European customer base, targeting both retail and institutional investors.


Coinbase is not the first crypto trading platform to receive approval from the Italian OAM. In May 2022, the authority had already granted such approval to Binance, allowing the market-leading crypto exchange to open a headquarters in Milan.


Coinbase's European expansion comes shortly after the company laid off 18% of its workforce for economic reasons in mid-June.

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