Crypto.com announced on July 19 that it has received regulatory approval as a crypto provider from the Italian watchdog Organismo Agenti e Mediatori (OAM).
The announcement comes a day after Coinbase confirmed that it has also received approval in Italy, amid its plans to expand in Europe.
Several operators received a go-ahead in Italy
Kris Marszalek, Co-Founder and CEO of Crypto.com said, “We are excited to receive this registration in Italy and view it as a major step forward for Crypto.com.”
“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,” Marszalek added.
Previously, Crypto.com reportedly received a green light from Greece’s Hellenic Capital Market Commission, Singapore’s Monetary Authority, and Dubai’s Virtual Assets Regulatory Authority.
Germany’s Trade Republic registers in Italy
Amid platforms expanding operations in Italy and Europe at large, reports today have revealed that German investment platform Trade Republic is the latest to register in the country as a cryptocurrency operator.
On July 14, OAM had reminded in a circular that July 15 would be the last date to submit applications for registration with the regulator. It had stated in a translated release, “The deadline by which already active cryptocurrency operators, even online , in our country, will have to register in the Register held by the OAM expires tomorrow. The Body reminds this, underlining that anyone who continues to operate without having submitted the relevant application for registration will be considered abusive.”
While the platform started operating in Italy at the end of 2021, it reportedly registered with the authorities last week.
As per Reuters, the German broker is also operating in Spain.
Previously, Trade Republic received a license from Italy’s market regulator Consob, to offer investments in shares, derivatives, and exchange-traded funds. Notably, Italy has also been pushing blockchain startups.
Earlier this month, the Ministry of Economic Development announced that starting September, blockchain companies will be eligible to apply for a government subsidy program worth $46 million.