One of the world’s largest crypto firms, Coinbase confirmed today that the company has secured approval as a crypto asset services provider from regulatory authorities in Italy. The approval has allowed Coinbase to expand its presence in the growing Italian crypto ecosystem.
The latest announcement from Coinbase came almost 7 weeks after rival Binance secured regulatory approval in Italy. Coinbase has a strong presence across the European region. According to the crypto trading services provider, the company is currently serving clients in nearly 40 European countries via its dedicated hubs in Germany, the UK and Ireland.
“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,” Nana Murugesan, the Vice President of International and Business Development, commented.
In a recent interview with Bloomberg, Murugesan highlighted the importance of the EU region in the company’s global expansion plan. Despite the latest market correction, the crypto firm is planning to increase acquisitions to enhance its international presence.
In an official blog post, Murugesan highlighted that the company is in the process of acquiring further regulatory approvals in the EU region.
“As we continue to grow across Europe and other regions, maintaining our strong regulatory relationships will ensure that we will continue to bring to market the products that our customers want, through the most trusted and secure platform in the crypto economy,” he said.
The latest crypto winter had a massive impact on Coinbase as the company laid off almost 18% of its workforce. Recently, the digital asset services provider announced the shutdown of Coinbase Pro, a platform designed for professional crypto traders.
This article was written by Bilal Jafar at www.financemagnates.com.