Trade Republic, a German digital asset platform and Crypto.com are registered in Italy as service providers for crypto. Rome’s financial regulators have kept a list of all crypto platforms that are permanently present in the country since February.
Italy: There are more providers of Crypto Services than ever before
Germany-based investment platform Trade Republic and Singapore-headquartered digital currency exchange Crypto.com announced their registrations as crypto operators 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 leading U.S. trading platform Coinbase did the same, earlier.
Organismo degli Agenti e dei Mediatori (OAM), the Ministry of Economy, established a registry that includes crypto service providers who operate in the Italian market. It was created in February of 2018. This registry lists every cryptocurrency operator with a physical presence in Italy. You must fulfill a number of conditions to be able to register.
“We are excited to receive this registration in Italy and view it as a major step forward for Crypto.com,” Kris Marszalek, co-founder and CEO of Crypto.com, has been quoted as saying. He stressed the fact that Crypto.com, with 50 million registered users worldwide, was committed to expanding in the area and continuing to work with regulatory agencies.
Financial regulators around the world have attempted to regulate crypto markets, focusing on consumer protection and financial stability. According to the report, existing regulations are sometimes patchy. The draft Markets in Crypto Assets Act (MiCA) was recently approved by European institutions. This legislation is intended to fully regulate the cryptocurrency industry at EU level.
Crypto.com’s registration in Italy follows its entrance into the Greek market and Trade Republic recently started providing crypto-related services in Spain. The latter is also authorized by Commissione Nazionale per le Società e la Borsa (Consob), Italy’s securities market regulator, to offer investments in shares, derivatives, and exchange-traded funds (ETFs).
Binance’s Italian unit registered in the country this past May, while Coinbase Global announced on Monday it had met the requirements to list on the OAM registry, allowing it to serve customers in Italy. OAM supervises financial brokers and agents within the country. It also enforces anti-money laundering regulations.
Are you expecting more cryptocurrency platforms to register in Italy as service providers? Let us know your thoughts in the comment section.
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