LBank secures registration of virtual asset provider to operate in Italy
INTERNET CITY, DUBAI, 10 February 2023, Chainwire
Global crypto exchange LBank has registered as a Virtual Asset Provider with the Italian regulator Organismo degli Agenti e dei Mediatori (OAM). The regulatory approval enables the exchange to offer a range of services and products to Italian users.
On February 1, 2023, LBank completed its registration with OAM as Virtual Asset Provider, as required by Italian legislation on crypto-assets. The global crypto exchange with over 9 million users will now be able to offer services and products to Italian traders. The regulatory nod also allows LBank to open offices in Italy and expand its team.
By registering with OAM, LBank joins a growing selection of crypto exchanges that have recently received regulatory approval in Italy. After the official registry of cryptocurrency traders was opened by the regulatory body on 18 May 2022the world’s largest crypto exchange Binance secured a place just 9 days later. Other important industry players such as Coinbase, Crypto.com, Bitstamp and BitMEX have also signed up to the site.
“We appreciate the efforts of the Ministry of Economy and Finance and the OAM in defining and enforcing industry standards in Italy to operate with full transparency, which is an important part of enforcing anti-money laundering rules and driving the mainstream adoption of digital assets . This registration serves as a significant milestone in our journey to obtain regulatory approval from jurisdictions around the world,” said Eric He, co-founder and chairman of LBank.
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LBank’s registration comes at a crucial time as European regulators prepare for the upcoming Markets in Crypto Assets (MiCA) regulatory framework. MiCA will define requirements for crypto issuers and service providers, for example exchanges such as LBank. Bank of Italy Governor Ignazio Visco shared in the a speech on February 4 that regulators in Italy are preparing a regulatory environment in anticipation of future EU crypto laws. Visco also added that the central bank found that around 2% of Italian households have “modest amounts” of crypto.
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