German investment platform Trade Republic and digital asset exchange Crypto.com have registered as crypto service providers in Italy. Since February, the financial authorities of Rome keep a register of all the cryptocurrency platforms permanently operating in the country.
More companies are registering as crypto service providers in Italy
Germany-based investment platform Trade Republic and Singapore-headquartered digital currency exchange Crypto.com announced their registrations as crypto traders in Italy on Tuesday, Reuters reported. The news comes after other major crypto platforms like Binance, the world’s largest exchange by trading volume, and major US trading platform Coinbase did the same earlier.
The special register of crypto service providers working in the Italian market was created by the Ministry of Economy and the brokerage regulator Organismo degli Agenti e dei Mediatori (OAM) in February this year. It lists all the cryptocurrency operators present in the country. To register, they must meet a set of requirements.
“We are delighted to receive this registration in Italy and see it as a great step forward for Crypto.com,” said Kris Marszalek, co-founder and CEO of Crypto.com. He pointed out that the exchange, which has 50 million users worldwide, is committed to expanding in the region and continuing to work with regulators.
Concerned about consumer protection, threats to financial stability, and illicit use of cryptocurrencies, financial regulators around the world have attempted to regulate the crypto market. Existing rules are often uneven, the report notes. European institutions recently agreed on the proposed Crypto Asset Markets (MiCA) legislation, which is expected to comprehensively regulate the crypto industry at EU level.
Crypto.com’s registration in Italy follows its entry into the Greek market, and Trade Republic recently began providing crypto-related services in Spain. The latter is also authorized by the Commissione Nazionale per le Società e la Borsa (Consob), the Italian securities market regulator, to offer investments in equities, derivatives and exchange-traded funds (AND F).
Binance’s Italian unit registered in the country last May, while Coinbase Global announcement on Monday, it had met the requirements for registration in the OAM register, allowing it to serve customers in Italy. The OAM is responsible for the supervision of financial agents and credit brokers in the country and also implements anti-money laundering regulations.
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