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Dutch central bank – give coinbase approval

Dutch central bank – give coinbase approval

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On September 22nd Coinbaseformally a US cryptocurrency exchange announced that Central Bank of the Netherlands, De Nederlandsche Bank (DNB), had granted it registration. The approval from the authorities allows Coinbasele to promote its institutional and retail cryptocurrency services in the Netherlands.

The latest official permit coming from Tulppanaimaa allows it Coinbase expand aggressively into Europe.

According to DNB’s official record Coinbase is one of the main international exchanges licensed by the Dutch central bank to operate cryptocurrency services together with local crypto companies.

Public registration of DNB lists Coinbase Europe Limited and Coinbase Custody International as cryptocurrency service providers.

In accordance with the Anti-Terrorism Financing Act Anti-Money Laundering (AML) and Sanctions Act, the Dutch regulator oversees Coinbase Custody and Coinbase Europe.

The basis of the coin in the announcement “Coinbase cryptocurrency services are not under DNB’s operational stability control.” Financial and operational risks related to crypto services are not taken into account, “and there is no special monetary consumer protection.”

The news came just after the DNB issued specific guidelines on screening for sanctions on cryptocurrency transactions on September 16. In a Q&A document, DNB highlighted several dangers associated with cryptocurrencies, including their anonymity.

The Dutch central bank allowed Coinbase to operate in the Netherlands

The Dutch central bank allowed Coinbase to operate in the Netherlands

Coinbase’s entry into the Netherlands is in line with the company’s rapid expansion strategy in Europe. The cryptocurrency exchange first announced its goal to expand its presence in Europe in June, citing the effects of a significant decline in the cryptocurrency market.

In July, Italy’s AML regulator, Organismo Agenti e Mediatori, certified Coinbase as a Crypto Asset Service Provider. The exchange plans to establish itself in countries such as Spain and France.

According to a recent post, Coinbase now serves users through specialized hubs in the UK, Germany, Ireland and over 40 other European countries.

The company said, “Registrations or license applications are also processed in several important markets in accordance with local laws.”

Coinbase is expanding internationally even as it deals with numerous issues. In 2022, the cryptocurrency exchange reported significant losses for two consecutive quarters, with losses in the second quarter totaling $1.1 billion.

Since Coinbase floated on the Nasdaq exchange in April 2021, the $1.1 billion loss was the biggest. To reduce costs, Coinbase laid off 18 percent of its workforce in June.

US authorities arrested the former head of Coinbase in July on allegations that he had engaged in cryptocurrency trading. Two other US lawsuits alleged that Coinbase made misleading cases about its strategic approaches.

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