Coinbase, a leading cryptocurrency exchange, has received regulatory clearance to operate as a crypto service provider in the Netherlands. In a company blog post on Thursday, Coinbase noted it has successfully registered with the Dutch Central Bank — De Nederlandsche Bank (DNB) — as a crypto service provider. The approval will “allow Coinbase to offer our full suite of retail, institutional, and ecosystem products to customers in the Netherlands”. Coinbase is added on to a list of more than 30 other crypto-asset service providers on the national central bank’s register, where it joins other exchanges such as OKCoin and Bitstamp.
Commenting on the milestoneNana 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 strides to work collaboratively with government, policymakers and regulators to shape the future in a responsible way.”
The registration authorises the crypto exchange to offer all of its retail, institutional, and ecosystem products to customers in the Dutch market.
“Coinbase prides itself on being a compliance-led business. The Netherlands is a critical international market for crypto, and I am really excited for Coinbase to bring the potential of the crypto economy to the market here,” Murugesan added.
The firm believes regulations will help bolster the growth of crypto as clear regulatory frameworks will foster innovation and build trust in the industry.
Coinbase has already acquired operational licences in Ireland, the United Kingdom, Germany, and Italy, with plans to stretch into France, Spain, and Switzerland as part of its European expansion strategy.
In July, the exchange obtained an operational licence in Italy after meeting the requirements mandated by the Italian financial watchdog, the Organismo Agenti e Mediatori (OAM). The requirements are part of the country’s efforts to combat illicit transactions and money laundering activities.
The registration in the Netherlands will allow Coinbase to expand into 26 other European Union (EU) countries when the Market in Crypto Assets (MiCA) regulation takes effect. MiCA represents landmark legislation by the EU aimed at regulating the “crypto wild west” following the LUNA implosion and other headwinds that increased the need for tighter crypto scrutiny.