German investment platform Trade Republic and digital asset exchange Crypto.com have been registered as crypto service providers in Italy Since February, the Rome financial authorities have maintained a registry of all cryptocurrency platforms permanently operating in the country.
More companies register as crypto service providers in Italy
Germany-based investment platform Trade Republic and Singapore-based digital currency exchange Crypto.com announced Tuesday that they have registered as crypto providers in Italy, Reuters reported. The news came after other major crypto platforms, including Binance, the world’s largest exchange by trading volume, and Coinbase, a leading U.S. trading platform, did the same earlier.
A special registry for crypto service providers working in the Italian market was established in February this year by the Ministry of Economy and the broker regulator Organismo degli Agenti e dei Mediatori (OAM). It lists all cryptocurrency operators based in the country. To register, a series of requirements must be met.
“We are excited to receive this registration in Italy and see it as a great step forward for Crypto.com.” Kris Marszalek, co-founder and CEO of Crypto.com, was quoted as saying. He stressed that the exchange, which has 50 million users worldwide, is committed to growing in the region and continuing to work with regulators.
Concerned about consumer protection, threats to financial stability, and the misuse of cryptocurrencies, financial regulators around the world are attempting to regulate crypto markets. Existing rules are often full of fiddly bits, the report notes. European institutions recently agreed to draft Markets in Crypto Assets (MiCA) legislation, which is expected to comprehensively regulate the crypto industry at the EU level.
Crypto.com’s registration in Italy follows its entry into the Greek market, and Trade Republic recently launched crypto-related services in Spain. The latter is also authorized by the Italian securities market regulator Commissione Nazionale per le Società e la Borsa (Consob) to offer investments in equities, derivatives and listed mutual funds (ETFsETFs). {The OAM is responsible for the supervision of financial agents and credit brokers in the country, and is the regulator of the country’s financial agents and credit brokers. brokers and enforces anti-money laundering regulations.
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