Coinbase Approved to Enter German Cryptocurrency Market

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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.