Coinbase gets regulatory approval from the Dutch central bank, De Nederlandsche Bank, to operate in the country. The registration allows Coinbase to offer a full suite of retail, institutional, and ecosystem products to customers in the Netherlands.
Leading cryptocurrency exchange Coinbase has now been granted regulatory approval by the Dutch central bank, De Nederlandsche Bank (DNB), to operate in the country. Per the official announcement, the registration allows Coinbase to offer a full suite of retail, institutional, and ecosystem products to customers in the Netherlands.
Commenting on the latest development, Nana Murugesan, Coinbase’s VP of international and business development, states, “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.”
He added that Coinbase prides itself on being a compliance-led business.
“Additional registrations or license applications are in progress in several major markets, in compliance with local regulations,” the official Coinbase statement reads.
Approval from the Dutch authorities will allow Coinbase to operate across the 26 other European Union member nations once the EU’s Market in Crypto Assets regulation comes into force.
Following the European Union drafting the landmark Markets in Crypto Assets (MiCA) legislation, Europe has emerged as a much sought-after destination for crypto platforms.
Crypto firms Binance and Bitstamp have recently gained approval to operate in France and Italy, respectively.
MiCA is expected to protect consumers against some of the risks associated with an investment in crypto-assets and help them avoid fraudulent schemes.
MiCA, once passed into law, will require crypto asset issuers to publish white papers containing technical roadmaps, for platforms to register with the authorities, and require stablecoin issuers to hold capital.
The Netherlands as a country has witnessed a surge in crypto-related crimes recently. Crypto is taxed as an asset in this European country.
Currently, no regulations explicitly prohibit the use or trading of crypto assets in the Netherlands. However, cryptocurrencies are not accepted as digital money in the country. The Dutch police recently arrested a suspected developer of the sanctioned crypto mixing service Tornado Cash.