Bitstamp, one of the largest crypto platforms in Europe, has won regulatory approval from Italy’s financial regulators, allowing the exchange to continue serving Italian customers.
Bitstamp said it had met requirements from the Organismo Agenti e Mediatori (OAM), which oversees financial agents and credit brokers in Italy and implements anti-money laundering controls.
Bitstamp follows in the footsteps of other crypto firms that have recently registered their business in Italy, as required by newly updated regulations on crypto assets. The list includes Binance, which received regulatory approval in May to act as a crypto service provider with the OAM. Also this month, Coinbase won approval from Italian regulators and a day later, Crypto.com was awarded nod to distribute its products and services to users in the country.
Bitstamp CEO JB Graftieaux comments: “This registration in Italy is part of our global plans to offer services across Europe and around the world,” the executive even more included: “Italy is among the most important markets in Europe, and we are thrilled to provide its citizens with a safe and secure way to trade cryptocurrencies.”
Bitstamp celebrates its eleventh year in operation, making it the longest-running crypto venue in a sector plagued by hacks and exit scams. The exchange is currently ranked 13rd in terms of total trade volume, according to the latest data provided by CoinMarketCap.
In 2016, Bitstamp received a publicity boost after it obtained a license to operate as a fully regulated payment institution (PI) in Luxembourg. At the time, Bitstamp touted the license as a factor that enables it to become the first fully licensed cryptocurrency exchange in Europe.
As per its blog relating to the announcement, Bitstamp said it is taking this step in order to fulfil its mission of supporting all its customers’ desired assets which meet the platform’s standards and also comply with their respective local laws.
The move to expand into Europe comes in anticipation of an EU-wide regulatory framework that will grant passporting rights for crypto firm working across the continent. Set to go into effect in 2024, the proposal offers a bespoke legislative regime for markets in crypto-assets (dubbed ‘MiCA’) and relevant service providers not covered elsewhere in the EU financial services regime.