Coinbase Safeguards Crypto Assets Provider Approval In Italy

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Home / Blog / Coinbase Safeguards Crypto Assets Provider Approval In Italy

Coinbase Safeguards Crypto Assets Provider Approval In Italy

Coinbase Safeguards Crypto Assets Provider Approval In Italy
Home / Blog / Coinbase Safeguards Crypto Assets Provider Approval In Italy

Coinbase Safeguards Crypto Assets Provider Approval In Italy

Coinbase Safeguards Crypto Assets Provider Approval In Italy
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In a blog on Monday, Coinbase Global Inc, a major US crypto exchange, states that it has won the approval of the Italian regulators to operate in Italy and serve its customers there.

To get the approval of the Italian regulators, Coinbase legally met all the requirements of the Organismo Agenti e Mediatori (OAM). This institution oversees the credit brokers and financial agents in Italy and implements anti-money laundering controls. 

Further, the platform also states that it promises to bring the power of a complete product suite to the customers of Europe. By getting the approval of the Italian regulators, Coinbase shall be able to continue to provide crypto services to the residents of Italy and also achieve one of the milestones toward the successful establishment.

However, Coinbase is one of the first companies to meet the benchmarks set by OAM. The criteria for approval included custodial service, advanced crypto trading features and other financial requirements. 

Furthermore, the platform is on the verge of strengthening its presence in Europe. It also has licence and registration processes in progress in compliance with the local regulations. The CEO of Coinbase Global Inc states that the primary goal of this crypto exchange platform is to grow its customer base across these markets by launching the Coinbase suite of institutional, retail and ecosystem products. However, the financial watchdogs are wondering how to regulate the crypto market, which is subject to patchy rules and regulations. 

Coinbase Safeguards Crypto Assets Provider Approval In Italy

OAM, in a press release, also states that the biggest rival of Coinbase is Binance, which has also registered for approval in May. In addition, Nana Murugesan, Vice President of Coinbase for international and business development, support of Coinbase, says that this crypto exchange platform is working towards a successful establishment across Europe with its advanced features and crypto trading offerings. 

Summary 

  • Coinbase wins the approval of Italian regulators to provide crypto service to its Italy residents. 
  • For this, Coinbase meets all the financial requirements of OAM. 
  • Coinbase is amongst the first companies to meet all the benchmarks of OAM. 
  • Binance is the biggest rival of Coinbase in terms of the crypto trading platform.

More at: Cryptocurrencyessentials.com

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