Leading American cryptocurrency exchange Coinbase said it had received regulatory approval from the Organismo Agenti e Mediatori (OAM) to operate as a crypto asset provider in Italy. The license allows the exchange to continue to offer its services to customers in the country.
One of the First
Announcing the development today, Coinbase said it had become one of the first crypto firms to meet the new requirements of Italian regulators, which mandate all crypto-related firms servicing customers in the country to secure regulatory approval.
The OAM’s requirements demand foreign crypto companies in Italy to put strict anti-money laundering measures in place before servicing residents.
“Gaining this regulatory approval is a testament to our close collaboration and positive working relationship with the Italian financial regulators,” said Nana Murugesan, Coinbase’s Vice President of International and Business Development.
Coinbase Seeks European Expansion
The move is part of Coinbase’s efforts to strengthen its foothold in European markets. Earlier this month, the company revealed that it intends to acquire regulatory nods in more European countries.
With the latest milestone, Coinbase now holds operational licenses in Ireland, Germany, the United Kingdom, and Italy. The exchange also intends to seek regulatory compliance in France, Spain, Switzerland, and the Netherlands.
“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,” Murugesan added.
Becoming the Amazon of Crypto
While Coinbase remains the largest crypto exchange in the United States, it lags behind top rivals Binance and FTX in other regions.
Binance, for example, has also bagged an operating license from the OAM. In addition, the exchange dominates the Middle East and has secured regulatory approvals in Dubai and Bahrain.
Despite the tough rivalry, Coinbase still hopes to become the Amazon of crypto. Earlier this year, Guillaume Chatain, Coinbase’s Head of EMEA (Europe, Middle East, and Africa), revealed that the company intends to offer all crypto assets available in the market as long as it is authorized to do so.