Wednesday, October 5, 2022

Coinbase Gets Operational License from the Italian Market Regulator

US-based crypto exchange Coinbase has secured an operational license from the Organismo Agenti e Mediatori (OAM), an Italian market regulator. According to the announcement, the crypto service provider is now realizing its vision of permeating the European market with its innovative products.

The firm had been in full operation in Italy before now. However, the new development is in compliance with new regulations from the country’s crypto assets regulator. The regulator instructed all digital assets service providers to gain a license to be able to operate within its borders. 

Coinbase boasts of being one of the first cryptocurrency service providers to obtain this license. 

It was noted in the announcement that Coinbase is fully committed to expanding its reach within the European borders. In compliance with the cryptocurrency regulations of the European countries, the crypto firm has also applied for licenses and registrations to legalize its presence.

Speaking on the announcement, the vice president, International, and Business Development at Coinbase Nana Murugesan said that Coinbase is currently building strategic relationships with other regulators of the European countries. 

He also noted that the procured license is evidence of the productive relationship that Coinbase had maintained with the financial regulators of Italy.

Furthermore, Murugesan added that “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 cryptoeconomy.”

Coinbase made this announcement in the midst of prioritizing its recovery from the crypto winter over its hiring plans. The firm announced recently that it is laying off its employees by 18%. This is to ensure that the operational cost of running the business is reasonably reduced.

Despite the unfavorable events that have been peculiar to the crypto market recent, Coinbase launched its non-fungible token (NFT) marketplace in May. The marketplace connects users in the crypto community, enables minting, and facilitates the creation of digital collectibles.

However, in a much recent report, Coinbase has now lost its position as the cryptocurrency firm that has the largest bitcoin (BTC) holdings. Binance now tops the list. 

Israel Love
Israel Love is a passionate writer that enjoys educating and inspiring people through his writing. This passion fuels the desire to simplify the complexities in the blockchain ecosystem, by providing viable information about the crypto space in such a way that makes it easy for anyone to understand. Israel love also has interests in Human Resource Management as he is a trained expert in HR.

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