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Germany grants Coinbase licence for crypto custody services

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FRANKFURT (Reuters) - Germany's financial market watchdog BaFin on Monday granted the cryptocurrency exchange Coinbase permission to provide crypto custody services and proprietary trading, the first licence it has issued for such business in Germany.

The licence allows Coinbase Germany GmbH to conduct proprietary trading of crypto assets, BaFin added.

Coinbase, which went public earlier this year, did not immediately respond to a request for comment.

(Reporting by Tom Sims; Editing by Jan Harvey)