Digital asset services provider, Coinbase announced today that it has secured regulatory approval in the Netherlands. The exchange has become the first major crypto trading services provider to register with the Dutch Central Bank.
According to the details shared by Coinbase, the latest registration has allowed the company to offer its crypto products and services in the Dutch market. Coinbase has a strong presence in Europe with dedicated hubs in Germany, Ireland and the United Kingdom.
The crypto firm noted that additional registrations and license applications are in process across major European markets. In July 2022, Coinbase received regulatory approval from Italian authorities.
“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. 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,” said Nana Murugesan, the Vice President, International and Business Development at Coinbase.
Europe is among the fastest-growing crypto regions in the world. Countries like Italy, Spain and Germany are home to some of the leading crypto trading firms. Earlier this year, Binance obtained virtual asset services provider (VASP) registration in Spain. In May this year, the crypto exchange received approval from Italian regulators.
According to Glassnode, the BTC balance on Coinbase dropped by approximately 36% in two years.