Coinbase has announced its successful registration process with De Nederlandsche Bank (DNB) to provide cryptocurrency services in Netherlands. This development comes in an attempt by the cryptocurrency exchange to further expand its market outreach. Coinbase made the revelation today via a blog post.
The cryptocurrency exchange attained a new height with its successful registration. Coinbase is now the first prominent international cryptocurrency exchange to receive a DNB registration approval, the post indicates. With the approval, the exchange will provide retail and institutional cryptocurrency services and ecosystem products in the Netherlands. Further, Coinbase conceded that development is a giant stride in its quest for global expansion.
However, the cryptocurrency exchange said it sees regulation as an “enabler” for the growth of the industry. Coinbase believes that the presence of “clear ground rules” will push the industry forward. According to the blog post, the firm said regulations would strengthen the trust between cryptocurrency enthusiasts and regulators. Now, Coinbase has gained regulatory approval across 40 countries in Europe. The firm indicates that it’s pushing for more approvals in prominent countries across the globe.
The Vice President, International, and Business Development at Coinbase, Nana Murugesan, has reacted to the development. The Vice President submitted that the development emantes from the firm’s pursuit of being the most trusted cryptocurrency exchange.
Furthermore, Murugesan said Coinbase had worked effortlessly, collaborating with regulators to pursue a brighter future for cryptocurrency. He admitted that the Netherlands is a critical International market for cryptocurrency. Murugesan expressed his excitement about how the presence of Coinbase would help bring a new dimension to the cryptocurrency market in the Netherlands.
Side notes about Coinbase and the Market situation of cryptocurrency in the Netherlands
In the Netherlands, De Nederlandsche Bank regulates cryptocurrency. The Central Bank strongly frowns at sponsoring terorrrism with cryptocurrency. Likewise, the De Nederlandsche Bank has been vocal against the use of cryptocurrency to launder money. Some months back, Binbits reported that the De Nederlandsche Bank fined Binance for failing to comply with its regulatory procedures.
Additionally, Coinbase is following the steps of Binance in pushing for establishing a good relationship between the cryptocurrency space and regulators. Lately, the approach has been working well towards ensuring that the industry strives under the watchful eyes of regulators.