According to the announcement from Germany, a new step has come that will affect the cryptocurrency market. In a statement made by the Federal Financial Supervision Agency (BaFin), Coinbase has been granted a license to provide crypto custody services.
According to Pressportal, published in Germany, Coinbase is the first cryptocurrency market to be licensed in Europe. In addition to the license, Coinbase will also be able to trade crypto assets with its own equity.
In the decision taken in the Bundestag of the German Bundestag in 2019, the institutions that will provide crypto money services were obliged to obtain a license.
It was also announced that organizations that did not receive a license should leave Germany. Coinbase, which was approved, thus gained the right to operate in Germany from now on.
In addition, Christian Schimes, a partner at Hengeler Mueller Law Firm, claimed that the licensing requirement would bring clarity that would drive the cryptocurrency industry further and grow.
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