US largest cryptocurrency exchange, Coinbase has secured regulatory approval from the Italian financial regulators in its quest for European expansion.
Henceforth, Coinbase will now provide virtual assets-related services in Italy after being able to satisfy Organismo Agenti e Mediatori (OAM) requirements.
In the blog post by Armstrong’s Coinbase, the firm announced that it has become one of the first companies to meet the new criteria set by the Italian regulators.
“Building a constructive relationship with regulators in every jurisdiction in which we operate is incredibly important as we march toward our mission of increasing economic freedom in every corner of the world. Gaining this regulatory approval is a testament to our close collaboration and positive working relationship with the Italian financial regulators. As we continue to grow across Europe and other regions, maintaining our strong regulatory relationships will ensure that we will continue to bring to market the products that our customers want, through the most trusted and secure platform in the cryptoeconomy,” wrote Nana Murugesan, Vice President, International and Business Development in the blog post.
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Coinbase European Expansion
As reported by MyCryptoParadise earlier this month, Armstrong’s Coinbase is seeking European expansion after being reported by Bloomberg to be seeking a license for virtual assets providers in Italy, Spain, France, and the Netherlands.
In the recent blog post by Coinbase, the company affirmed its quest for European expansion, according to the post, “We are in the process of strengthening our presence across Europe and have registrations or license applications in progress in several major markets in compliance with local regulations.”
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