Today in Crypto: Coinbase Gets Dutch Regulatory OK
Coinbase has registered with the Dutch Central Bank to be a crypto service provider, which will let it offer all its retail, institutional and ecosystem products in the Netherlands, a blog post said.
Coinbase thinks regulation is an “enabler” for the crypto industry which can make for clear rules which can add more innovation and trust later.
“The Netherlands is a critical international market for crypto, and I am really 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.
In other news, Canadian Prime Minister Justin Trudeau has squared off against new Conservative leader Pierre Poilievre with cryptocurrency being one issue that has come up, Bloomberg wrote.
Trudeau said Poilievre’s ideas about cryptocurrency could’ve been damaging.
“If Canadians had followed the advice of the Leader of the Opposition and invested in volatile cryptocurrencies in an attempt to ‘opt out of inflation,’ they would have lost half of their savings,” Trudeau said.
Additionally, the cryptocurrency industry’s volatility, which has cost thousands of jobs, will see Kraken co-founder Jesse Powell stepping down as CEO, Bloomberg reported.
This could be something of a pattern, with other top positions by Genesis’s Michael Moro and Michael Saylor, along with Sam Trabucco from Alameda Research, stepping down, too.
Furthermore, South Korea has said there have been more “abnormal” foreign exchange transactions happening, with many related to crypto, according to Bloomberg.
The Financial Supervisory Service found another $680 million of the strange transfers, which has added to previous findings and totals $7.2 billion now. Most of them have involved funds from cryptocurrency exchanges going to local companies before being sent overseas.
Meanwhile, Striga Technology has gotten a license from the Estonian Financial Intelligence Unit to operate, a news release said.
Striga Technology is now the first company authorized to provide a virtual currency service since the amendments of the Money Laundering and Terrorist Financing Prevention Act on March 15 this year.
Finally, Binocs, a new company focused on tax compliance for cryptocurrency, has raised $4 million to expand to the U.S., U.K. and Australia, a report said.
The company will use the new funding to develop more products and marketing for retail and investors.
Binocs’ services provide tax reports and track returns for investments, profits and losses and capital exchanges, along with taxes for derivatives, lending and borrowing.
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