Coinbase Announces Regulatory Approval in the Netherlands Via Dutch Central Bank
- By achieving regulatory approval in the Netherlands, Coinbase is poised to gain the rest of Europe’s market.
- Coinbase has a market capitalisation of approximately $15.23 billion, with its stock market ranging between $40.83 and $368.90 in the past 52 weeks.
- According to the company, its services are available in around 40 European countries through dedicated hubs in Ireland, the UK, and Germany.
Coinbase Global Inc. (NASDAQ: COIN) has become the first international cryptocurrency exchange to successfully register with the Dutch Central Bank (De Nederlandsche Bank — DNB). The announcement follows a White House report that the country will support crypto companies within its jurisdictions to gain the global market. Following the approval, Coinbase can now provide its cryptocurrency trading services in the Netherlands legally.
Notably, the registration of Coinbase with the Dutch Central Bank will provide a secure channel for institutional investors in the Netherlands to access the cryptocurrency market.
“….. Coinbase prides itself on being a compliance-led business. The Netherlands is a critical international market for crypto, and I am excited for Coinbase to bring the potential of the crypto economy to the market here,” said Nana Murugesan, Vice President, International and Business Development at Coinbase.
While the cryptocurrency market has existed for the past decade, regulations from different countries have become mandatory in the growth quantum.
Coinbase and the Cryptocurrency Market Outlook
By achieving regulatory approval in the Netherlands, Coinbase is poised to gain the rest of Europe’s market. Moreover, the European market block operates under the Euro network, with most financial regulations by the EU parliament.
According to the company, its services are available in around 40 European countries through dedicated hubs in Ireland, the UK, and Germany. Forward, the company has announced that more registration applications are underway in different major global markets. As such, the company will be enabling cryptocurrency adoption while stamping its presence in the blockchain industry.
The cryptocurrency market has been shrinking for the past year. However, institutional investors are taking advantage of the winter market to invest in future technologies. The Netherlands has a total population of 17.44 million as of 2020, according to data provided by the World Bank. Interestingly, over 10 per cent of the country’s population is reported to have purchased crypto or used digital assets in payment.
As such, Coinbase is looking at a significant adoption of its services by institutional and retail investors. Additionally, as a publicly traded company, its stock market will be exposed to more traders seeking indirect cryptocurrency exposure.
Coinbase has a market capitalisation of approximately $15.23 billion, with its stock market ranging between $40.83 and $368.90 in the past 52 weeks.
The cryptocurrency market has proved its resilience in the past three years following the global coronavirus outbreak. Despite hitting a market valuation of slightly over $3 trillion, the industry has been described by occasional hacks.
For instance, the North Korea-associated hacking group, Lazarus, is reportedly to be the mastermind of the Axie-Ronin Bridge attack that siphoned over $600 million in crypto.
While some of the proceeds have been laundered via crypto mixers like Tornado Cash, global regulators think it is high time to introduce a legal framework in the digital asset industry.