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The cryptocurrency exchange crypto.com has successfully expanded its operations to Italy after securing a regulatory license in the country.
Crypto.com Gains OAM Approval
Crypto.com continues its global expansion with Italy. The company has been on a mission of “building lasting growth” all across the globe. In its latest exploits, it applied for and consequently acquired the official approval to conduct exchange operations in the European country.
The news broke on Tuesday when Crypto.com officially announced that it is now officially registered to offer crypto services in Italy. The company had applied for the license with the Organizmo Agenti e Mediatori (OAM), a regulatory body that oversees anti-money laundering efforts in the country. Thanks to the approval, Italian customers and crypto users can now access and avail of crypto.com’s products and services.
In the press release, crypto.com co-founder and CEO Kris Marszalek stated,
“We are committed to building lasting growth in the region and will continue working with regulators to deliver a wide range of products and services to our valued customers.”
Crypto Companies Targeting Italy
Crypto.com is not the only crypto exchange that is targeting Italy. The OAM had recently approved the registration of another crypto exchange, Coinbase. Prior to that, the regulatory body had also approved the largest crypto exchange in the world, Binance, to offer services and products in Italy. The country’s high GDP makes it the third-largest market in the European Union, which creates a unique expansion opportunity for all these crypto exchanges. Crypto.com has been on a roll recently, gaining operational licenses in different corners of the world - in Greece, Singapore, and Dubai.
Italian Government Promoting Crypto
The country’s regulatory approach towards crypto could do with some uniformity. However, the government has advocated blockchain tech and cryptocurrency adoption in its economy. In fact, to promote the crypto industry in the country, a government decree was passed in December 2021 to support blockchain tech, IoT, AI, and other innovations in certain sectors of the market. Furthermore, the Ministry of Economic Development of Italy has even recently announced government subsidies of €45 million (approximately $46 million) for public research firms working on blockchain tech and other innovations.
Italy’s primary stock exchange, Borsa Italiana, has also dabbled with cryptocurrencies. The exchange has listed a so-called “Bitcoin-thematic” exchange-traded fund (ETF) to let institutional investors and retirement agencies gain some exposure to the crypto world.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.