The German Federal Financial Supervisory Authority (BaFin) has given the arm of Coinbase in Germany a license for crypto trading and custody. Thus making Coinbase to receive this license. With this, the exchange platform is about to expand its products for the German consumers.
Germany, being the first EU country to fully regulate cryptocurrency platforms, has allowed Coinbase to thrive in its municipal cryptocurrency market. Experts have commended this good disposition towards cryptocurrency regulation in Germany, and everyone hopes it’s a step to increased adoption.
“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 said on Coinbase blog.
Therefore, Coinbase can now customize its operations and products for the German citizens. The license will help them to work better in this direction. To penetrate the market well, the management of Coinbase Germany are hiring natives to be in their customer support team for efficient delivery of service.
As Germany is the fourth largest economy from the perspective of GDP, this shows a ray of hope that soon enough some other countries will be introducing a full regulatory framework for cryptocurrency platforms.