By Kevin Helms
Cryptocurrency exchange Coinbase has obtained approval from Germany’s financial regulator, Bafin, to provide cryptocurrency trading and custody services. Coinbase Germany will launch in the coming weeks.
- Coinbase, a Nasdaq-listed company, announced Monday that it has secured a cryptocurrency license in Germany.
- The company explained: “The German Federal Financial Supervisory Authority (Bafin) has awarded Coinbase Germany GmbH a license for crypto custody and trading, under 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 be awarded such a license.
- The announcement adds:
Coinbase Germany will launch in the coming weeks to serve both new and existing German customers more effectively, including by localising our service and increasing our product offering.
- In preparation for the launch, the company is ramping up its German customer support team.
- Coinbase said that it had been working closely with Bafin for many months prior to obtaining the license.
- Recently, Coinbase also obtained approval to operate in Japan from the country’s top financial regulator, the Financial Services Agency (FSA).
What do you think about Coinbase getting a license to operate in Germany? Let us know in the comments section below.