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Coinbase secures crypto asset service supplier approval in Italy

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The United States-based cryptocurrency trade Coinbase continues aggressive European growth by securing approval to supply crypto providers in Italy.

Coinbase introduced on July 18 that it has obtained the Crypto Asset Service Provider approval from the Italian Anti Money Laundering regulator, Organismo Agenti e Mediatori (OAM).

According to a put up by Nana Murugesan, Coinbase’s vice chairman of worldwide and enterprise improvement, the approval will permit Coinbase to proceed to supply crypto providers and launch new merchandise in Italy.

Coinbase began offering its cryptocurrency providers in Italy fairly some time in the past. As beforehand reported, the trade was providing Coinbase card providers in Italy alongside nations like Spain and Germany as of June 2019.

Murugesan identified that Coinbase operates in almost 40 European nations by way of devoted hubs within the United Kingdom, Germany and Ireland.

“We are in the process of strengthening our presence across Europe and have registrations or license applications in progress in several major markets in compliance with local regulations,” Murugesan stated within the announcement. He added that Coinbase’s aim is to develop its buyer base by launching the Coinbase suite of retail, institutional and ecosystem providers in every of these markets.

Coinbase will not be the primary crypto trade to obtain the OAM’s approval. In May 2022, the regulator granted approval to the Binance crypto trade, permitting the agency to open its new headquarters in Milan.

Related: Coinbase denies reviews of promoting buyer information to the US authorities

The approval comes in keeping with Coinbase’s bolstered growth efforts in Europe. The trade introduced in late June that it was actively working to develop in Europe as a result of ongoing cryptocurrency winter. Murugesan stated that the corporate is planning to register in a number of European nations, together with Italy, Spain, France and the Netherlands.

Coinbase’s new European growth plans got here shortly after the corporate slashed its employees by 18% in mid-June, citing financial recession.