The United States’ largest cryptocurrency exchange Coinbase Global Inc has tapped an operational license from the Dutch Central Bank (De Nederlandsche Bank – DNB).
The license from DNB gives Coinbase permission to offer crypto products and services in the Dutch market. Markedly, this makes Coinbase the first global cryptocurrency exchange to successfully register with the Dutch financial regulator, DNB.
As per the published statement issued by Nana Murugesan, the Vice President of Coinbase International and the Business Development team,
“This registration will allow Coinbase to offer our full suite of retail, institutional, and ecosystem products to customers in the Netherlands. We are proud to be the first major global crypto exchange to receive DNB registration approval – a significant milestone in Coinbase’s continued international expansion.”
Moreso, this license eventually offers Coinbase the authority to push its offerings into the entire European Union (EU). Although this will be possible once the EU’s Markets in Crypto Assets (MiCA) come into full force. Coinbase is gradually expanding its business across Europe and the globe while touting itself as one of the exchanges which is keen on operating in regulated markets.
Coinbase Pushes For Regulated Markets
For Coinbase, a regulated market is an ‘enabler’ for crypto growth as it creates an environment that sets clear ground rules which in turn creates trust and boosts innovation in the ecosystem.
“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,” Nana Murugesan said, adding that “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.”
Apart from this license in the Netherlands, Coinbase is still working on winning several other operational licenses across the globe.
Applications and registration in compliance with local regulations are currently in progress in major markets. A few weeks ago, the exchange met the criteria of the Italian regulator, the Organismo Agenti e Mediatori (OAM), and was awarded a license to offer its services to Italian residents.