Coinbase, a US-listed cryptocurrency exchange announced Monday that it has been granted a license by the German Federal Financial Supervisor Authority (BaFin), to offer crypto custody and trading services within Germany. According to Coinbase, the firm will operate under the license regime that was introduced last year.
The resolution means that the US-listed crypto company is now the first to be issued a license by the BaFin. This is the first of its kind in the European bloc. “Coinbase Germany’s licensure is an exciting step in its international expansion. Germany is fourth in the world by GDP. It is also the only EU country that has established a complete regulatory framework for cryptocurrency platforms. Coinbase announced that Germany is the second-ranking country in terms of the number and quality of Bitcoin nodes running, following the US.
The company announced that the brand-new Coinbase Germany will be launched within the next few weeks and will deploy new features with local customer support.
The Coinbase team worked hard over many months to earn the license. This was in close collaboration with BaFin. “We look forward to offering a top-of-the-line crypto product offering combined with a secure and localized experience for our German customers,” Marcus Hughes (Coinbase’s Managing director for Europe) highlighted.
Recent FSA License
This announcement follows shortly after the Financial Services Agency of Japan granted Coinbase a permit, making it the first Western company to be issued a license.
Binance, a major cryptocurrency exchange, has not seen any good news in regulatory matters in the past few days. The UK FCA (Financial Conduct Authority), had last weekend expelled from all UK regulated activities.