Coinbase (COIN) approved in the Netherlands, towards an expansion of the American giant to all the European Union (EU)

The American crypto giant Coinbase was endorsed by the Netherlands, making it the first major cryptocurrency exchange in the country. This approval should pave the way for the whole of the EU to soon adopt new regulations relating to cryptocurrency markets.

First Major Crypto Exchange Approved in Holland

The Dutch central bank, From Nederlandsche Bank has given its approval for Coinbase to officially register on Dutch territory. With this regulatory approval, the US crypto exchange will be able to easily establish a foothold in the European Union. The announcement came from Nana Murugesan, Vice President of Coinbase’s International and Commercial Department. An important step for the American stock exchange which wishes to reach more markets.

With this permission official obtained from De Nederlandsche Bank, Coinbase will now be able to offer its crypto products and services to its customers and the Dutch public. After Bitstamp in April 2021, Coinbase is the second crypto exchange to be licensed in Holland.

With the upcoming entry into force of Mica, the EU regulation on crypto markets, Coinbase is expected to expand to the other 26 countries in the union. The exchange has thus filed applications for registration in other markets.

In a statement, Nana Murugesana said: “The Netherlands are a major international market for cryptocurrency and I am very excited that Coinbase can bring the potential of the crypto economy to the Dutch market. »

Coinbase’s European ambitions materialize

Note that Coinbase follows the momentum of its rivals Binance and Bitstamp which registered in France and Italy respectively. The race is therefore on for cryptocurrency exchange platforms to conquer Europe.

Brian Armstrong, CEO of Coinbase, announced in a post the ambitions of his company on the old continent. In this regard, he said: “We are making a concerted effort to strengthen our presence in Europe”. Brian Armstrong has also multiplied his trips to Europe, going to London and Dublin.

To continue its policy of expansion in Europe, Coinbase has reduced its workforce in the United States by 18%. The exchange has already assembled several teams in Ireland, Germany and UK. After the authorization received in the Netherlands, Coinbase soon intends to attack France and Spain.

Already present in Italy, the platform has obtained the license required by Organismo Agenti e Mediatori. This will allow it to operate legally on Italian soil. It must be said that Europe appears to be the new Eldorado of American crypto exchange platforms which are weakened by the bear market.

The new European legislation favorable to the cryptocurrency market

All players in the crypto market are currently rushing toEurope to offer their products and services. For good reason, the European regulation on crypto-assets or MiCA which should soon be adopted and which has received a favorable reception from the market.

Pending adoption since September 2020, the MiCA has reached an agreement between the Presidency of the Council and the European Parliament for its entry into force. This law concerns both cryptos, and stablecoinsexchanges and crypto wallets.

In a statement, the Advice of the European Union states that the MiCA is primarily aimed at investor protection and financial stability. Although each state already has its own crypto regulations, the EU Council also wants to adopt a text to harmonize this market in the area.

In order to protect investors, the MiCA will require companies to comply with a number of requirements. Therefore, these companies will be held liable for any loss of crypto-assets. In addition, companies will have to provide information on the impact of their activities on the environment. The CEO of Coinbase expressed satisfaction with this new legislation and commended the efforts of the EU.

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Coinbase (COIN) approved in the Netherlands, towards an expansion of the American giant to all the European Union (EU)

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