Singapore-based Crypto.com and German investment platform Trade Republic said on Tuesday that they have signed up as cryptocurrency traders in Italy, following in the footsteps of rivals such as Binance and Coinbase.
In an effort to protect savers, in February the Italian Ministry of Economy created a special register with the Organism of Agents and Mediators (OAM) to list all cryptocurrency operators with a stable presence in the country, provided they satisfy certain requirements.
Regulation of the cryptocurrency market
Financial supervisors around the world are grappling with regulating the cryptocurrency market, for which the rules are fragmented. Among the main issues on the agenda of regulators are consumer protection, threats to financial stability and the illicit use of digital currencies.
“We are thrilled to receive this registration in Italy and consider it an important step forward for Crypto.com,” said Kris Marszalek, co-founder and CEO of Crypto.com, which has 50 million users worldwide. "We are committed to building lasting growth in the region and will continue to work with regulators."
Consob authorization arrived
Crypto.com's registration in Italy follows its entry into the Greek market. Trade Republic recently launched cryptocurrency services in Spain. Authorized by the Italian market regulator Consob, it also offers investments in shares, derivatives and exchange-traded funds. The Italian arm of Binance, one of the largest cryptocurrency exchanges, registered in Italy in May.
On Monday, US exchange Coinbase Global said it met the requirements for OAM registration and serving customers in Italy. The OAM supervises financial agents and credit brokers in Italy and implements anti-money laundering controls.
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