Coinbase secured regulatory approval to operate crypto services in the Netherlands.
The approval was awarded by the De Nederlandsche Bank, the Dutch central bank.
Coinbase becomes the first major exchange to receive the green light from the Dutch regulator.
Thursday’s news means the exchange can now offer a full suite of digital asset facilities to investors in the Netherlands.
Crypto exchanges are moving towards a stronger presence in European markets.
Cryptocurrency exchange heavyweight Coinbase successfully registered its business with the De Nederlandsche Bank as the company expands operations in European markets following heavy losses in Q1 2022 and hiring cutbacks.
Thursday’s approval from the Dutch Central Bank will allow Coinbase to operate in the Netherlands as a crypto service provider. The exchange can now legally offer its suite range of crypto services and facilities for both retail and institutional investors in the country.
Notably, the exchange giant is the first major digital asset platform to bag approval from the DNB. The company’s Vice President of International and Business Development, Nana Murugesan, said that Coinbase is positioned to tap and bolster the burgeoning international crypto market in the Netherlands.
Coinbase, Binance, and Other Crypto Exchanges Expand In Europe
Despite recent turbulence in digital asset markets, top crypto exchanges have pursued regulatory victory across a plethora of European jurisdictions. In addition to approval from the DNB, Coinbase also boasts footholds in Germany, Italy, the UK, and Ireland to name a few.
Leading exchange Binance reportedly held talks with German regulators in a bid to secure a crypto license in the country. Indeed, approval in Germany would enhance Binance’s European crypto license roster which already includes France, Italy, and Spain at press time.
Crypto.com also won approval from Italy’s financial regulator in July.
Steady growth in crypto adoption has seemingly propelled regulatory conversations across the globe. Some crypto proponents like Binance CEO Changpeng Zhao have surmised that crypto regulation might be necessary to facilitate broader digital asset adoption and convince watchdogs of the industry’s potential for financial advancement.