Crypto.com has become the latest cryptocurrency company to receive a regulatory green light in Italy. The exchange already has a solid presence globally, and besides moving into Italy, it recently received approval in Dubai, Greece, and Singapore.
Crypto.com receives regulatory approval in Italy
Crypto.com has become the latest cryptocurrency exchange to receive regulatory approval in Italy. The exchange is now authorized to offer its services in the country, saying that this approval met its vision of creating long-lasting growth within the region.
On July 19, Crypto.com said it had received a license from the Organismo Agenti e Mediatori (OAM). The OAM is the main regulatory authority in Italy, with a keen focus on Anti-Money Laundering (AML) policies.
With this approval, Crypto.com now has the green light to provide products and services to customers based in Italy. The exchange also claims that it has more than 50 million customers globally.
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In recent months, Crypto.com has expanded its operations significantly, having moved into the Middle East, Asia, and Europe with licenses from Dubai, Singapore, and Greece regulators.
Crypto.com has a large market base to tap by expanding its operations to Italy. The country has the third-largest gross domestic product (GDP) in Europe. Crypto service providers have shown a growing interest in tapping the Italian crypto space.
Crypto regulations in Italy
Crypto.com is not the only exchange that has moved into Italy. Recently, US-based exchange Coinbase received regulatory approval from the OAM. Binance, the world’s largest exchange by trading volumes, also received the green light from the OAM to offer cryptocurrency services.
The approach of Italian regulators towards the crypto space has differed in the past. The government has favored blockchain technology. Recently, the Ministry of Economic Development in the country announced that the government was setting up a $46 million fund to provide subsidies for some blockchain projects.
In June, Borsa Italiana, the largest stock exchange in the country, listed a Bitcoin-thematic exchange-traded fund. This fund provides exposure to Bitcoin, and it targets institutional investors in Italy and retirement planners.
Europe has positioned itself as a major hub for cryptocurrency activities. Individual countries in the region have shown openness to embracing cryptocurrencies but under strict guidelines such as complying with AML/CFT guidelines. However, some countries have been adamant about regulating the crypto space. Recently, the Netherlands imposed a $5 million fine against Binance for operating in the country without authorization.
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Source: https://insidebitcoins.com/news/italian-regulators-approve-crypto-com-as-a-crypto-service-provider