The top financial regulator in Italy – Organismo Agenti e Mediatori (OAM) – has given the green light to digital asset exchange Cryptocom to offer a range of products and services to Italian clients in compliance with domestic law.
In addition, the German investment platform – Trade Republic – also expanded its presence in the southern European country, registering there as a cryptocurrency operator.
Rush to settle in Italy
Cryptocom continues to expand its international reach, despite the crypto winter and negative consequences. The company had to lay off a significant portion of its workforce, due to a downturn in the market and an outflow of investor interest, and it is unknown whether the redundancy spree will continue in the near future.
However, the latest approval from Italian watchdogs could act as a stepping stone for the firm and stabilize its shaken foundation. According to a document shared with cryptopotatoChris Marszalek, Co-Founder and CEO of Cryptocom, said:
“We are excited to receive this registration in Italy and see it as a major step forward for Cryptocom. We are committed to sustainable growth in the region and provide a wide range of products and services to our valued customers. Will continue to work with regulators to
Another company that heard “yes” from Italian regulators was Berlin-based investment firm – Trade Republic. The company began providing its services in the country last December, while today (July 19) registered it as a cryptocurrency operator.
Founded in 2015, the organization has over one million customers. Last year, a $900 million financing round raised Trade Republic’s valuation to $5 billion. Apart from Italy, it also provides digital asset services to users in Spain.
Italy welcomes Coinbase
Earlier this week, the major US crypto exchange – Coinbase – received a license from OAM to operate as a digital asset provider in Italy. The company underlined that it is one of the few entities that meets the new stringent requirements of local regulators.
Those obligations include complying with anti-money laundering laws. Nana Murugesan – Coinbase’s Vice President of International and Business Development – commented:
“Obtaining this regulatory approval is a testament to our close cooperation and positive working relationship with the Italian financial regulators.”
The solid presence in Italy is part of Coinbase’s strategy to expand its operations in Europe. France, Spain, Switzerland and the Netherlands are some of the countries where the company is seeking regulatory approval.
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