Coinbase Approved to Enter German Cryptocurrency Market

Cryptocurrency exchange Coinbase has obtained approval from Germany’s financial regulator, Bafin, to provide cryptocurrency trading and custody services. Coinbase Germany will launch in the coming weeks.

• Coinbase, a Nasdaq-listed company, announced Monday that it has secured a cryptocurrency license in Germany.
• The company explained: “The German Federal Financial Supervisory Authority (Bafin) has awarded Coinbase Germany GmbH a license for crypto custody and trading, under the new licensing regime introduced in January 2020.”
• According to Coinbase, the Bafin licensing framework is the first of its kind in the European Union and Coinbase Germany is the first company to be awarded such a license.
• The announcement adds:

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.

• In preparation for the launch, the company is ramping up its German customer support team.
• Coinbase said that it had been working closely with Bafin for many months prior to obtaining the license.
• Recently, Coinbase also obtained approval to operate in Japan from the country’s top financial regulator, the Financial Services Agency (FSA).