Central Bank Of Netherlands Has Approved Coinbase’s Operations On A Local Scale

The largest cryptocurrency exchange in the United States has made a major announcement in regard to its business expansion.

The exchange has announced that it is constantly expanding its business throughout the world. The exchange is currently targeting the European region and it is expanding aggressively.

Coinbase Goes to the Netherlands

Coinbase has announced that its latest achievement is being able to expand its business in the Netherlands. For this purpose, the exchange had to reach out to the central bank of the Netherlands to get approval.

Finally, the central bank of the Netherlands has authorized the Coinbase exchange to operate in the country and offer securities to the locals.

Coinbase made an Official Announcement on Thursday

On Thursday, the officials at Coinbase made the announcement confirming that they had successfully acquired a license from De Nederlandsche Bank (DNB) to operate in the Netherlands.

Now that the exchange has successfully acquired regulatory approval from the central body in the Netherlands, it will be allowed to operate in the country.

The exchange will be able to offer cryptocurrency products to institutions, retailers, and individual investors in the country as well.

A Major Exchange Comes to Coinbase

According to Coinbase officials, their exchange has become one of the major exchanges to be granted approval to operate in the Netherlands.

So far, only small-level cryptocurrency exchanges and other cryptocurrency-related firms were allowed to operate in the Netherlands.

Coinbase officials have confirmed that their entities; Coinbase Custody International and Coinbase Europe Limited are now registered. These entities have been added to the public registry by the DNB.

With the approval and authorization, these entities can now operate as cryptocurrency service providers in the Netherlands.

The Entities Comply with Regulations

According to the DNB, it is important that every online financial services offering platform must adhere to the regulatory policies. These policies include the Sanctions Act, Anti-Terrorist Financing Act, and the Anti-Money Laundering (AML) policy.

DNB Recently Published Sanctions Screening Policy

The regulatory authority in the Netherlands approved the registration request right after the publishing of the sanctions screening policy. The particular policy is for the monitoring of cryptocurrency transactions.

The particular policy was published by the central bank of the Netherlands on September 16. The particular policy also carries the “Questions and Answers” section in the form of a document.

It provides answers to all the necessary and important questions raised within or about the cryptocurrency industry. The document also warns investors to be vigilant and aware of the risks involved with cryptocurrencies.

The latest move made by Coinbase would allow the exchange to gain much ground in the European region. This would bring in more adoption rate for major and minor cryptocurrencies and strengthen the crypto industry on the European Continent.

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