Germany’s Financial Supervisory Authority(BaFin) has permitted a crypto custody license to Coinbase and allows it to provide service in the German market, BaFin announced the news Monday.
This will make the German entity of Coinbase the first company to receive a crypto custody license in Germany. Germany is the only EU country to have introduced a full regulatory platform for a cryptocurrency platform.
Coinbase Germany will launch in the coming week to serve both new and existing German customers. Provide services more effectively, including by localizing our service and increase product offering. Support team launching new features and products near future.
The approval comes after two months BaFin issued a warning about crypto exchange Binance stock token offering. Binance is also no longer serving customers in Ontario, Canada, due to regulatory pressure.
“Being awarded the license is the culmination of many months of hard work from the Coinbase team, in close collaboration with the BaFin. We look forward to bringing a best-in-class product offering coupled with a secure localized experience to our German customers.” –Marcus Hughes, Coinbase Managing Directors for Europe. As Coinbase effort to comply with government regulation are not limited to Germany. The company completed registration with the Japanese Financial Services Agency last week.
