The exchange Coinbase has been authorized to operate in the Netherlands for some time now. The American giant has announced that it has received approval from the country’s central bank. Coinbase thus becomes the first world-class crypto operator to be legally authorized to operate in the country.
Coinbase conquers the Netherlands
American giant Coinbase is continuing its plan to expand around the world. On September 22, the cryptocurrency exchange announced that it has received the necessary approval to operate in the Netherlands.
Coinbase thus becomes the first world-class exchange to successfully register with the Dutch Central Bank as a crypto service provider. This news echoes Coinbase’s desire to bring the potential of the crypto economy to the Netherlands as announced in a statement from the American giant.
As part of Coinbase’s ambition to be the world’s most trusted and secure cryptocurrency platform, we have made strides to work collaboratively with government, policymakers and regulators to shape the future responsibly. Coinbase prides itself on being a compliance-driven company. The Netherlands is a critical market for crypto and I’m really excited that it’s Coinbase bringing the potential of the crypto economy to this market.Nana Murugesan, Vice President of International and Business Development at Coinbase.
This new authorization allows Coinbase to offer a multitude of cryptocurrency-related products and services to residents of the Netherlands. These include exchanging fiat for crypto and setting up a wallet to store it.
The Netherlands, a rigid regulation, but pro crypto
The Netherlands has passed two major pieces of legislation to regulate the cryptocurrency industry. These are the Anti-Money Laundering and Anti-Terrorist Financing Act and the Sanctions Act of 1977. These laws require any crypto service provider wishing to operate in or from the Netherlands to obtain registration with the local Central Bank. The Central Bank does not monitor the financial risks of providers to protect consumers. It just makes sure that the provider of cryptocurrency-related services is complying with the laws.
This Dutch regulation does not hinder Coinbase in any way. On the contrary, the American giant considers that establishing clear ground rules is a factor for the growth of the cryptocurrency industry. For Coinbase, regulation creates “an environment that encourages innovation and builds trust in the industry from the public and policymakers.”
US-based exchange Coinbase already has a presence on the old continent through its hubs based in Ireland, the UK and Germany, which serve customers in nearly 40 European countries. The platform has announced that additional registrations or license applications are underway in several countries in accordance with national regulations. Will Coinbase take over Binance’s market share while the CZ exchange looks to the MENA region? Wait and see.
I dream of a world where every citizen has total control over themselves, including their finances. I believe that Bitcoin is one of the tools that will achieve this revolution. Since 2019, I am learning about this cryptocurrency and spreading the word around.