Coinbase is a cryptocurrency trading company based in San Francisco, United States. This platform offers cryptocurrency exchange services in 32 countries. It also allows you to store and manage digital assets in 190 different countries around the world. There are many cryptocurrencies that exist today, although some are more popular than others.
The American platform has made history in Europe by obtaining the cryptocurrency trading and custody license in Germany for the first time on the continent. The company has announced that its German subsidiary (Coinbase Germany GmbH) has been licensed by the German regulatory authority called BaFin. This will allow Germany to operate and guard cryptocurrencies.
Since the new cryptocurrency regulation was launched in January 2020, these licenses began to be distributed and Germany has been the first country in Europe to receive them and Coinbase the first company to be granted this license.
A historical fact
The fact that this license has arrived means that Coinbase Germany can be launched in the future. With all the local regulatory protection and the services subject to supervision, a clear regulatory framework is in place that allows increasing the supply of services to German customers.
Thanks to the license, the German subsidiary of Coinbase will be able to take advantage of the infrastructure of the entire platform while offering a localized service in Germany. There will also be a greater offering of products under the supervision of BaFin, Europe’s leading regulatory body.
More countries will follow the German example
The General Manager of Coinbase in Europe, Marcus Hughes, has commented that the granting of the license is the culmination of a work that has lasted many months by the Coinbase team that collaborates with BaFin. This means facilitating economic freedom in the world and obtaining this license for the first time in a European country reflects a historical fact for Coinbase. For its international adventure, this is a great achievement for Coinbase, which already has other registration applications underway from other countries.
Coinbase Germany Country Manager Sascha Rangoonwala adds that the license is proof of Coinbase’s commitment to giving its German clients an environment in which cryptocurrencies are regulated and safe to trade. They also hope to increase the use of this electronic money in the country and collaborate with other regulatory companies around the world that allow cryptocurrencies to further expand the world.
Coinbase will take off official operations locally in the coming weeks, offering this novel cryptocurrency service to both its new and old customers. To prepare for its launch, Germany is improving its platform by hiring people to help with customer service and increasing its product offering.