Crypto.com, the digital asset exchange, and the Trade Republic, the German investment platform, have both received approval to operate as crypto service providers in Italy. Rome’s financial authorities began maintaining a registry for all crypto companies that are permanently offering their services in the country in February.
Crypto service providers
Headquartered in Singapore, digital exchange Crypto.com and investment platform Trade Republic, which is based in Germany, announced on Tuesday their registration in Italy as crypto service providers. The same announcement was made by other prominent crypto platforms as well. This includes Binance, the leading crypto exchange in the world, as well as US-based crypto exchange Coinbase.
The Ministry of Economy in Italy and Organismo Degli Agenti e dei Mediatori (OAM), the brokerage regulator, established this special registry this year in February. It was aimed at maintaining a list of crypto service providers that are offering their services in the Italian market. Any crypto firm with a presence in Italy is listed in it and a set of requirements have to be fulfilled to get listed.
The chief executive and co-founder of Crypto.com, Kris Marszalek, said that they were very excited to get registered in Italy and consider it a major step in taking their exchange forward. The exchange already has more than 50 million users all over the globe.
The CEO said that the company wants to expand in the region and would continue to collaborate with regulatory bodies for this purpose.
It should be noted that financial regulatory authorities all over the world have been focusing on regulating the crypto market of late. This is because they have become concerned about the illegal use of cryptocurrencies, the threats to financial stability, and ensuring consumer protection. More recently, European institutions came to an agreement on legislation called Markets in Crypto Assets (MiCA), which is designed to ensure effective regulation of the crypto industry in the region.
The registration of Crypto.com in Italy allows the crypto exchange to get access to the Greek market. As far as Trade Republic is concerned, it has begun offering its services in Spain. The latter has also obtained authorization from the securities regulator in Italy named Commissione Nazionale per le Societa e la Borsa (CONSOB) for offering investment services in derivatives, shares, and exchange-traded funds (ETFs).
In May, Binance announced that it had registered its platform in Italy to provide its services. Meanwhile, the announcement from Coinbase Global about listing in the OAM registry had come on Monday, which would allow it to cater to Italian clients. OAM implements the anti-money laundering rules in Italy and also oversees credit brokers and financial agents in the country.
Binance has been making a great deal of effort to register itself in several European jurisdictions. Other than Italy, the largest crypto exchange in the world has also gotten approval from the Bank of Spain and has also registered itself in France, in order to continue expanding its services throughout the continent.