The cryptocurrency exchange Coinbase has received approval from the German financial supervisory authority Bafin to trade and store cryptocurrencies. Coinbase Germany will start in the coming weeks.
- Coinbase, a company listed on Nasdaq, announced on Monday that it had secured a cryptocurrency license in Germany.
- The company stated: “The Federal Financial Supervisory Authority (Bafin) has granted Coinbase Germany GmbH a license for the custody and trading of cryptocurrencies according to the new licensing regime introduced in January 2020.”
- According to Coinbase, the Bafin licensing framework is the first of its kind in the European Union and Coinbase Germany is the first company to receive such a license.
- The announcement adds:
Coinbase Germany will start in the coming weeks to serve both new and existing German customers more effectively, including by localizing our service and expanding our product range.
- In preparation for the market launch, the company is strengthening its German customer support team.
- Coinbase said it worked closely with Bafin for many months before receiving the license.
- Coinbase also recently received approval to operate in Japan from the country’s leading financial regulator, the Financial Services Agency (FSA).
What do you think of Coinbase receiving a license to operate in Germany? Let us know in the comments section below.
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