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 have been keeping a register of all cryptocurrency platforms that are constantly operating in the country.
More companies are registering as crypto service providers in Italy
German investment platform Trade Republic and Singapore-headquartered digital currency exchange Crypto.com announced on Tuesday that they have registered as crypto operators in Italy, Reuters reported. The news comes after other major crypto platforms such as Binance, the world’s largest exchange by trading volume, and leading US trading platform Coinbase did the same earlier.
A special register of crypto service providers operating 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 cryptocurrency operators present in the country. To register, they must meet a number of requirements.
“We are delighted to receive this registration in Italy and see it as an important step forward for Crypto.com,” said Chris Marsalek, co-founder and CEO of Crypto.com. He emphasized that the exchange, which has 50 million users worldwide, is committed to growth in the region and continued cooperation with regulators.
Concerned about consumer protection, threats to financial stability and the illegal use of cryptocurrencies, financial regulators around the world are trying to regulate the crypto market. Existing regulations are often patchy, the report notes. European institutions have recently agreed on a draft Crypto Asset Markets Act (MiCA), which is expected to comprehensively regulate the crypto industry at the EU level.
The registration of Crypto.com in Italy follows its entry into the Greek market, and Trade Republic recently began providing cryptocurrency-related services in Spain. The latter is also sanctioned by the National Commissariat for le Società e la Borsa (Consob), regulating the Italian securities market, to offer investments in shares, derivatives and exchange-traded funds (ETFs).
Binance’s Italian arm registered in the country last May, and Coinbase Global announced on Monday that it has met the OAM registry requirements, allowing it to serve customers in Italy. The OAM is responsible for overseeing financial agents and credit brokers in the country, as well as enforcing anti-money laundering regulations.
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