The Italian financial regulator has given cryptocurrency company Coinbase permission to operate as a provider of services for crypto assets. In response to the market’s explosive expansion, the Organismo Agenti e Mediatori established new standards for all businesses providing custody, trading, and other services for cryptocurrencies.

“The company was proud to be among the first companies to meet these benchmarks.”

“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.”

             Nana Murugesan, VP for international and business development, Coinbase.

The regulatory license will allow Coinbase to keep providing cryptocurrency services in Italy and to launch new goods there.

Through its operations in Ireland, the UK, and Germany, Coinbase presently conducts business in close to 40 European nations. It also has plans to apply for licenses in additional jurisdictions.

Nevertheless, despite the goals for growth, the business has faced some challenges recently, much like other crypto service providers.

A fifth of the workers at Coinbase has been laid off as the company’s shares have fallen by 81 percent this year. Its trading volumes have also decreased, which has caused it to drop out of the top ten cryptocurrency exchanges by volume.