all about cryptop referances
German investment platform Trade Republic and digital asset exchange Crypto.com have registered as crypto service providers in Italy. Since February, the financial authorities in Rome have a register of all cryptocurrency platforms permanently operating in the country.
German-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 such as Binance, the world’s largest exchange by trading volume, and the leading American trading platform Coinbase did the same earlier.
The special register of crypto service providers working in the Italian market was established by the Ministry of Economy and the broker supervisory authority Organismo degli Agenti e dei Mediatori (OAM) in February this year. It lists all cryptocurrency operators with a presence in the country. To register, they must meet a set of requirements.
“We are pleased to receive this registration in Italy and see it as a major step forward for Crypto.com,” Kris Marszalek, co-founder and CEO of Crypto.com, has been quoted as saying. He emphasized that the exchange, which has 50 million users worldwide, is committed to growing in the region and continuing cooperation with regulatory bodies.
Concerned with consumer protection, threats to financial stability and illegal use of cryptocurrencies, financial regulators around the world have sought to regulate the crypto market. Existing rules are often inconsistent, the report notes. European institutions recently agreed on the draft Markets in Crypto Assets (MiCA) legislation, which is expected to 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 offering crypto-related services in Spain. The latter is also authorized by the 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 last May, while Coinbase Global announced on Monday that it had met the requirements to be listed on the OAM registry, allowing it to serve customers in Italy. OAM is responsible for the supervision of financial agents and credit brokers in the country and also implements regulations against money laundering.
Do you expect more crypto platforms to register as service providers in Italy? Tell us in the comments section below.
Image credit: Shutterstock, Pixabay, Wiki Commons, riekephotos
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or an endorsement or recommendation of products, services or companies. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on content, goods or services mentioned in this article.
