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Coinbase received the necessary permission
For the first time in the United Economic Area of europe, the FRG financial regulator BaFin has approved a company's licence for the custody and trading of digital currencies. The BRD subsidiary of the US trading platform Coinbase received the necessary permission, as the company announced on Monday evening. Coinbase Germany will now begin operations in the coming weeks, it said.
Coinbase, founded in 2012, is the largest US trading platform for digital currencies. The company's goal, in its own words, is "to give everyone in the world the ability to send and receive digital assets like bitcoin in a simple and secure way." Coinbase offers access to a "broad range of crypto products".
The licences in the FRG are "an important milestone for Coinbase", explained the managing director for Europe, Marcus H.. The regulation by BaFin is also the first of its kind in Europe.
Source: https://www.epochtimes.de/wirtschaft/finanzaufsicht-bafin-genehmigt-erstmals-verwahrung-und-handel-mit-kryptowaehrungen-a3545998.html
Coinbase to launch German operations and expand product offering for German customers
We are delighted to announce that the German Federal Financial Supervisory Authority (BaFin) has awarded Coinbase Germany GmbH a licence for crypto custody and trading, under the new licensing regime introduced in January 2020. The BaFin licensing framework is the first of its kind in the European Union, and Coinbase Germany is the first company to be issued such a licence.
The licensure of Coinbase Germany is an exciting and logical next step in Coinbase’s international expansion journey. Germany is the world’s fourth largest economy by GDP and is the only EU country to have introduced a full regulatory framework for cryptocurrency platforms. There is already a thriving blockchain scene, with Germany as the second ranking country, only after the US, in terms of the number of Bitcoin nodes being run.
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. To achieve this, we are ramping up our German customer support team and will be launching new features and products in the near future.
“Being awarded the licence 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 crypto product offering coupled with a secure, localised experience to our German customers.” — Marcus Hughes, Coinbase’s Managing Director for Europe
Coinbase is committed to providing customers in Germany and around the world with the most trusted and easy to use crypto services. Becoming licenced in Germany marks an important milestone as we strive to enable economic freedom around the world.
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