Tuesday 16 August 2022
Home / 3AC / Crypto.com secures regulatory license in Italy

Crypto.com secures regulatory license in Italy

Digital asset exchange Crypto.com has received approval from Italian regulators to offer its services in the Mediterranean country — a move the company says aligns with its vision of “building lasting growth in the region.”

On Tuesday, Crypto.com announced that it had officially received registration and regulatory approval from Organismo Agenti e Mediatori, also known as OAM, Italy’s primary Anti-Money Laundering regulator. The approval effectively grants Crypto.com the ability to offer its products and services to Italian customers.

Crypto.com claims to have over 50 million customers around the world. In recent months, the exchange received regulatory licenses to operate in Greece, Singapore and Dubai.

Italy is the European Union’s third-largest market by gross domestic product, and crypto services providers are targeting the country for expansion. As reported by Cointelegraph, United States-based crypto exchange Coinbase recently secured OAM approval to begin operating in the Mediterranean country. In May, Binance was given the OAM green light to serve the Italian market.

Related: June roundup: Who's hiring and who's firing in the crypto space

Although Italy’s regulatory approach to crypto is far from uniform, the government has been keen to promote the adoption of blockchain technology. Earlier this month, Italy’s Ministry of Economic Development announced that some blockchain projects could qualify for up to $46 million in government subsidies.

Meanwhile, in June, Italy’s primary stock exchange, Borsa Italiana, listed a so-called “Bitcoin-thematic” exchange-traded fund, which provides BTC exposure to Italian institutional investors and retirement planners.

About Sean Patterson

Check Also

How High Can Ethereum Go Before The Merge

The Ethereum “Merge” has become a hot topic among top crypto analysts after the incident that led to the collapse of the Ethereum network in the sale of Otherside by Yuga labs, with nearly $200M lost as gas fees. Related Reading: Proof of Work Vs Proof of Stake – Laneaxis The Ethereum merge, also known as Ethereum 2.0, is the upgrade of the existing execution of the Ethereum layer 1 from proof-of-work (PoW) to proof-of-state (PoS), Beacon chain. 5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now! POW was first used by the early pioneers of the blockchain Bitcoin and Ethereum. It aims to achieve decentralization and security by using miners to decode cryptographic algorithms or puzzle-like maths. As the demand increases for transactions, it becomes slow, gas fees increases, and resources intensify. Proof-of-Stake (POS) is similar to POW, just that users authenticate transactions on the blockchain employing stake and get re..

Leave a Reply

Your email address will not be published. Required fields are marked *