Coinbase, a leading cryptocurrency exchange, has received regulatory approval to operate as a crypto service provider in the Netherlands. In a company blog post on Thursday, Coinbase noted that it has successfully registered with De Nederlandsche Bank – De Nederlandsche Bank (DNB) – as a crypto service provider. The approval will enable Coinbase to offer our full range of retail, institutional and ecosystem products to customers in the Netherlands. Coinbase is added to a list of more than 30 other crypto asset service providers in the NCB’s registry, where it joins other exchanges such as OKCoin and Bitstamp.
Commenting on the milestone, Nana Murugesan, Coinbase’s Vice President for International and Business Development, said: “As part of Coinbase’s ambition to be the world’s most trusted and secure crypto platform, we have taken steps to partner with the government, policy makers and regulators to shape the future responsibly.”
The registration authorizes the crypto exchange to offer all its retail, institutional and ecosystem products to customers in the Dutch market.
“Coinbase is proud to be a compliance-led company. The Netherlands is a critical international market for crypto and I am very excited that Coinbase is bringing the potential of the crypto economy here,” Murugesan added.
The company believes that regulation will help bolster crypto growth, as clear regulatory frameworks will foster innovation and build trust in the industry.
Coinbase has already acquired operational licenses in Ireland, the United Kingdom, Germany and Italy, with plans to extend to France, Spain and Switzerland as part of its European expansion strategy.
In July, the exchange obtained an operating license in Italy after meeting the requirements imposed by the Italian financial watchdog, the Organismo Agenti e Mediatori (OAM). The requirements are part of the country’s efforts to fight illegal transactions and money laundering activities.
The registration in the Netherlands will allow Coinbase to expand to 26 other European Union (EU) countries when the Market in Crypto Assets (MiCA) regulation comes into effect. MiCA represents groundbreaking EU legislation aimed at regulating the “crypto wild west” after the LUNA implosion and other headwinds that have fueled the need for sharper crypto research.