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Coinbase receives license to operate as a cryptocurrency custodian in Germany

The US-based cryptocurrency exchange Coinbase has just received a license to operate as a custodian of digital currencies in Germany.

Coinbase receives license to operate as a cryptocurrency custodian in Germany

Coinbase receives license to operate as a cryptocurrency custodian in Germany (Image: WSJ)

This was reported in a press release by the German financial supervisory body, BaFin, which indicated that Coinbase successfully approved the requirements contemplated in the 2019 law to access the cryptocurrency custodian license, thereby becoming the first institution of its kind to receive the corresponding permission to operate this line of services.

In this regard, local and international media highlight the importance of this event, precisely because what happened could motivate other companies in the sector, as well as German banks to also be encouraged and request the respective license from BaFin, precisely in the middle of the commercial boom that are having these assets both in the country and in many other nations.

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As for Conbase, this new achievement would appear as another step in its international expansion process, since it had previously made the respective steps and completed the corresponding registration requested by the Japan Financial Services Agency, with which it can now trade cryptocurrencies within the Asian country.

For the month of April, Coinbase managed to ingratiate itself as the first company in the cryptocurrency sector to be publicly listed on the US stock exchange, with which it began to market its shares on NASDAQ, even reaching platforms that tokenized this class of products to offer more options to customers within the digital currency sector.

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