Crypto.com gets permission to operate in Italy

In the wake of Binance, Crypto.com also obtains authorization from the OAM to operate in Italy.

OAM grants authorization to Crypto.com

The Singapore-based exchange that has been registering impressive growth rates in recent months, Crypto.com, has announced on its Twitter profile that it has been granted registration with the Organismo Agenti e Mediatori (OAM), allowing it to operate in Italy.

Buongiorno Italia ??

We’re proud to announce that https://t.co/vCNztATSCO has secured regulatory approval in Italy, from the Organismo Agenti e Mediatori (OAM).

Full details ?https://t.co/JNfY5DNBtA pic.twitter.com/os6HpjsE6f

— Crypto.com (@cryptocom) July 19, 2022

Crypto.com co-founder and CEO Kris Marszalek commented on the news: 

“We are excited to receive this registration in Italy and view it as a major step forward for Crypto.com. We are committed to building lasting growth in the region and will continue working with regulators to deliver a wide range of products and services to our valued customers”.

The initiative is part of Crypto.com’s goal to increase its market share in Europe. The exchange has more than 50 million users globally and continues to expand its ecosystem. The approval in Italy comes after approval in Greece, Singapore and Dubai.

Crypto.com has set its sights high from the start with an aggressive marketing campaign that has led it to sponsor Formula 1, the Serie A soccer championship, the Qatar World Cup, and as of a few days ago, the Atletico Madrid team.

Crypto.com’s approval follows just hours after that obtained by the US exchange Coinbase, which wrote on its blog two days ago that it had obtained registration with the OAM registry.

The OAM’s registry for crypto service providers

The new OAM registry was created by a decree of the Ministry of Economy and Finance on 17 February and became operational on 18 May, and is aimed precisely at operators specializing in digital currencies and wallets. However, experts in the field have pointed out many shortcomings and critical issues surrounding the new registry and its operation, which has had a long gestation period.

A first serious critical issue that is denoted would be that of the risk of excessive expansion of regulation to include subjects/sectors that have only a relative relevance to the activity related to digital services, and that would have nothing to do with cryptocurrency operations. Another risk is related to the requirement for all cryptocurrency-related service providers operating in Italy to have a registered office or branch in the country, which could put Italy at a competitive disadvantage.

In addition, the rule seems to be lacking from the point of view of monitoring operators and their trustworthiness, because it only focuses on transfers and the data of those who make transactions from an anti-money laundering and anti-tax evasion perspective.