Coinbase has become the first exchange to get a cryptocurrency custody license from BaFin according to updated regulations.

German regulators have announced that Coinbase Inc. has been granted clearance to begin offering cryptocurrency services within the nation.

The clearance from the Federal Financial Supervisory Authority (BaFin) is more good news for Coinbase after being accepted into the Japanese market last week by the FSA.

Coinbase now has approval by the chief regulatory body of two new countries to act as custodians for other crypto businesses and services.

Also Read: Coinbase Enters Japanese Cryptocurrency Market

According to the announcement published today, because this is a new business model, BaFin has created an interdisciplinary, cross-divisional team that will oversee any issues related to the crypto custody business.

Last year, German regulators passed legislation that would allow companies to provide crypto custody services but required prior approval from BaFin.

Coinbase Germany’s approval comes two months after BaFin issued a warning about crypto exchange Binance’s stock tokens offering. The regulatory body rejected Binance’s request to remove the warning, stating that under German law, securities and other “investment products,” like tokenized stocks cannot be sold without approval.