Coinbase, a cryptocurrency exchange, said on Monday that it has been given the green light by the Italian government to operate as a crypto service provider in the country. The United States-based crypto trading platform noted that the license would allow it to offer ongoing digital asset services to customers in Italy.
Coinbase Meets OAM’s Benchmark Requirements
As per the official announcement, the approval was signed by the country’s regulatory authorities under the Organismo Agenti e Mediatori (OAM) requirements established as a benchmark criterion for companies offering crypto-related services in Italy. The OAM oversees the list of Financial Agents and Credit Mediators in the country.
Coinbase said it was among the first firms to meet the requirements, joining the likes of Binance, CryptoCom, and Huobi Global in offering crypto services to customers in Italy.
Speaking on the development, Nana Murugesan, the Vice President of International and Business Development at Coinbase, stated that the license shows the company’s continued compliance with local regulatory authorities in its registered region.
“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,” he said.
Coinbase European Expansion Plans
In June, Coinfomania reported that Coinbase plans to expand its suite of products and services across European countries to strengthen its presence and drive growth in the region.
The U.S. crypto exchange already has an active presence in the U.K., Germany, and Ireland, and it is currently seeking to establish operations in Spain, the Netherlands, and Switzerland. The company said it is working with various regulators to obtain approval from these countries to better serve its customers in Europe better.
Earlier this month, the European Union (EU) reached a concrete agreement regarding the proposed crypto regulatory framework, Markets in Crypto Assets Regulation, MiCA. Establishing a harmonized set of rules in a single rulebook across 27 countries in the EU.
Under the MiCA regulatory policy, crypto companies must obtain an operating license and adequate consumer protection rights before seeking to provide their offerings in any of the jurisdictions in the EU.
Murugesan said the firm is looking to hire a regional manager to oversee its European operations. However, Coinbase laid off 18% of its employees in June due to the recent crash that wiped up $2 trillion from the crypto market.
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