Italy Approve Coinbase As A Cryptocurrency Asset Service Provider.

By receiving approval to provide cryptocurrency services in Italy, the American cryptocurrency exchange Coinbase is continuing its aggressive expansion into Europe.

On July 18, Coinbase reported that Organismo Agenti e Mediatori (OAM), the Italian anti-money laundering body, had granted it the Crypto Asset Service Provider accreditation.

Nana Murugesan, vice president of international and business development at Coinbase, wrote in a post that the clearance will enable Coinbase to keep providing cryptocurrency services and introduce new products in Italy.

Quite some time ago, Coinbase began offering its cryptocurrency services in Italy. As previously reported, as of June 2019, the exchange also provided Coinbase card services in Spain, Germany, and Italy.

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Murugesan emphasized that through specialized centers in the United Kingdom, Germany, and Ireland, Coinbase works in close to 40 European nations.

In the announcement, Murugesan said:

“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,”

The launch of the Coinbase suite of retail, institutional, and ecosystem services in each of those markets is part of Coinbase’s strategy to increase customer base, he continued.

The OAM has approved several cryptocurrency exchanges than Coinbase. The regulator gave the Binance cryptocurrency exchange permission to open its new headquarters in Milan in May 2022.

The approval is consistent with Coinbase’s stepped-up ambitions to expand in Europe. Due to the prolonged cryptocurrency winter, the exchange declared in late June that it was aggressively striving to expand in Europe. According to Murugesan, the business intends to register in a number of European nations, including Italy, Spain, France, and the Netherlands.

Coinbase announced its new intentions for European expansion immediately after cutting 18% of its personnel in mid-June due to the global economic downturn.

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