Coinbase ($COIN) Secures Regulatory Approval in the Netherlands

Leading cryptocurrency exchange Coinbase announced today that it has successfully registered with the Dutch Central Bank, De Nederlandsche Bank NV (DNB), as a cryptocurrency service provider. The move makes Coinbase the first major global crypto exchange to register with the central bank.

Coinbase to Offer Regulated Services in the Netherlands

With DNB’s regulatory approval, Coinbase said it will now be able to offer a “full suite of retail, institutional, and ecosystem products to customers in the Netherlands.”

Speaking on the development, Nana Murugesan, the Vice President, International and Business Development at Coinbase noted that the Netherlands is an important market for cryptocurrencies.

“We have taken strides to work collaboratively with government, policymakers, and regulators to shape the future in a responsible way… The Netherlands is a critical international market for crypto, and I am really excited for Coinbase to bring the potential of the crypto economy to the market here,” he added.

Coinbase Plans Additional Registration in Europe

The approval signals Coinbase’s aggressive expansion into the European market as it already has dedicated hubs in Ireland, the UK, and Germany. Notably, the exchange operator also recently secured crypto asset service provider approval in Italy.

According to the exchange, “additional registrations or license applications are in progress in several major markets in compliance with local regulations.”

The latest news might come as a relief for Coinbase which has been facing a lot of heat due to the current bear market. In June, the crypto exchange laid off 18% of its staff to manage its operating expenses and increase efficiency. Analysts at investment bank Goldman Sachs also downgraded $COIN stock from neutral to sell due to the bear market.

Major Exchanges Expand Into Europe

Meanwhile, not just Coinbase, several major exchanges have also been expanding into European markets in recent times. In May, Binance, the world’s largest cryptocurrency exchange, secured regulatory approval from Italian regulator Organismo Agenti E Mediatori (OAM) to operate as a virtual asset service provider in the country.