Germany's financial watchdog, BaFin, has granted cryptocurrency exchange Coinbase with permission to provide cryptocurrency custody services and trading. Thus, Coinbase reportedly became the first cryptocurrency exchange to get such permission in Germany.
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With the license, Coinbase Germany can conduct proprietary trading of crypto assets, the watchdog added. As of press time, Coinbase has not officially commented on the matter. As iHodl reported earlier, the Bundestag passed the bill that allows German funds for institutional clients to invest up to 20% of their assets in cryptocurrencies starting from July 1.
The regulation applies to closed-end investment funds for institutional clients (Spezialfonds) with a minimum volume of 10 million euros, insurance companies and pension funds.
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