Coinbase Secures Crypto Asset Service Provider Approval in Italy
- 18.07.2022 01:50 pm
Crypto firm Coinbase has been granted approval by Italy's financial regulator to operate as a crypto assets service provider.
The Organismo Agenti e Mediatori introduced new requirements for all companies offering crypto trading, custody or other services, in light of the rapid growth of the market.
Coinbase vice president for international and business development, Nana Murugesan, said the company was "proud to be among the first companies to meet these benchmarks".
The regulatory approval will enable Coinbase to continue offering crypto services in Italy and to bring new products to market in the country.
Coinbase currently operates in close to 40 European countries via its offices in Ireland, the UK and Germany and is planning to obtain licences in more jurisdictions.
“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," said Murugesan.
However, despite the expansion plans, the company has experienced some difficulties in the past year, much like other crypto service providers.
Coinbase shares have plummeted by 81% this year while a fifth of the staff has been laid off. It has also seen its trading volumes fall leading it to fall out of the top ten crypto exchanges by volume.