Coinbase is on a drive to expand its crypto trade services in every region. For the said purpose, a week ago, Coinbase was given permission to provide for crypto trading services in Japan and now permission has been given to Coinbase to render services in Germany where the permission has been duly approved by the German watchdog.
Since Coinbase has become part of the NASDAQ listed firms, it has been expanded its business vigorously. Last week Binance was given permission to render crypto trade and related services to the nationals of Japan. For this purpose, the firm has been duly permitted to open up a branch office in Japan as well.
Now the company has another announcement, which too relates to the expansion of its services arms in the European region. It has been informed that the company has been given permission to render services in Germany as well.
After being enlisted as NASDAQ registered company, Coinbase had filed an application to participate in the German crypto market. The application was submitted to the German authority known as Bafin. It has been reported that Bafin has duly approved the license required for any crypto exchange to establish a branch in German jurisdiction. Similarly, the license is mandatory if anyone renders crypto trade services or engages in crypto business. The company proposed to be established in Germany by Coinbase is named Coinbase Germany GmbH.
It has been specifically stated by Coinbase that the license has been granted to it under the newly adopted policy of Bafin. The policy of issuing licenses was amended by Bafin in 2020 and it was decided to issue licenses to crypto exchanges as well. However, since the amendment in the policy, the first license ever been issued by Bafin is the one which was issued to Coinbase. This makes Coinbase the pioneer crypto exchange in Germany which would be duly licensed.
It is now that Coinbase would require only a couple of weeks’ time for launching its crypto trading platform for the German people. The localization of Coinbase will provide more confidence and a sense of ownership to the German customers. Coinbase has also promised to provide further crypto products exclusively for the people residing in Germany. Germans can also expect bonuses at signup as well as referral bonuses when Coinbase Germany will start trade services.
Bafin, on the other hand, had also confirmed that it would like to see Coinbase act in accordance with the law. It said that the firm should focus on customer protection and compliance with all required rules and regulations. Similarly, Coinbase has ensured to Bafin that it would be acting in the greater public interest. In addition, it will make sure that every applicable law is duly respected and implemented upon.
