Crypto firm Coinbase has been granted approval by Italy’s financial regulator to operate as a crypto assets service provider.
The Organismo Agenti e Mediatori introduced new requirements for all companies offering crypto trading, custody or other services, in light of the rapid grwoth of the market.
Coinbase vice president for international and business development, Nana Murugesan, said the company was “proud to be among the first companies to meet these benchmarks”.
The regulatory approval will enable Coinbase to continue offering crypto services in Italy and to bring new prodcuts to market in the country.
Coinbase currently operates in close to 40 European countries via its offices in Ireland, the UK and Germany and is planning to obtain licences in more jurisidictions.
“Building a constructive relationship with regulators in every jurisdiction in which we operate is incredibly important as we march toward our mission of increasing economic freedom in every corner of the world,” said Murugesan.
However, despite the expansion plans, the company has experienced some difficulties in the past year, much like other crypto service providers.
Coinbase shares have plumetted by 81% this year whilea fifth of the staff have been laid off. It has also seen its trading volumes fall leading it to fall out of the top ten of crypto exchnages by volume.