Coinbase Global Inc (NASDAQ:COIN) has been approved by Italian regulators to provide crypto services.
In a blog post, the giant US cryptocurrency exchange said it met requirements from the Organismo Agenti e Mediatori (OAM), the overseer of Italian financial agents and credit brokers.
"Gaining this regulatory approval is a testament to our close collaboration and positive working relationship with the Italian financial regulators,” Nana Murugesan, Coinbase vice president for international and business development, said.
Digital currency companies are required to have a licence and customer safeguards in place to issue coins, according to new European Union rules agreed near the start of July.
“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,” Murugesan added.
Financial watchdogs across the globe are struggling with how to regulate the market, including how to deal with consumer protection, threats to financial stability and unlawful usage of tokens.
In June, one of its largest rival exchanges, Binance, also obtained regulatory approval in Italy with the OAM.