Key takeaways:
- Operators of cryptocurrencies in Italy now include Crypto.com and Trade Republic.
- Following its entry into the Greek market, Crypto.com registered in Italy, while the Trade Republic just began offering services linked to cryptocurrencies in Spain.
- In February, the Italian government instituted a registry with the brokerage regulator to enumerate cryptocurrency operators with a secure presence in the region who meet specific standards to safeguard savers.
The Trade Republic, a German investment platform, and Crypto.com, a Singapore-based digital currency exchange, both announced on Tuesday that they have registered as crypto operators in Italy. The move comes after other significant cryptocurrency companies, including leading U.S. trading platform Coinbase and the largest exchange in the world by trading volume, Binance, did the same previously.
Authorities in Italy established a registration in February with brokerage regulator Organismo degli Agenti e dei Mediatori to compile a list of bitcoin service providers that adhere to specific standards for investor protection and have a dependable presence in the nation. It gives all cryptocurrency users exposure across the country. A number of requirements must be met in order to register.
The business expressed their excitement at receiving this registration in Italy and how they see it as a significant advancement for Crypto.com.
Co-founder and CEO of Crypto.com, Kris Marszalek, stressed that the exchange, which has 50 million users worldwide, is dedicated to expanding in the area and continuing its cooperation with regulatory agencies.
OAM’s duties include enforcing anti-money laundering regulations and supervising financial agents and credit brokers in Italy. Financial regulatory authorities from around the world have been striving to regulate the cryptocurrency market due to concerns about client security, risks to financial security, and unlawful use of cryptocurrencies.
The registration of Crypto.com in Italy comes after its entry into the Greek market.
The latter is also permitted to provide investments in shares, derivatives, and exchange-traded funds by Commissione Nazionale per le Società e la Borsa (Consob), Italy’s securities market regulator (ETFs).
One of the largest cryptocurrency exchanges, Binance, registered its Italian branch in May. The registration of Binance Italy, a legal entity of the Group recently established in the nation, enables the company to provide cryptocurrency products to its customers in Italy and serves as a tangible example of how crucial it is for Binance to operate in accordance with local cryptocurrency operating laws.
Recently, Italy has been quick to adopt blockchain. On July 6, the Italian Ministry announced $46 million in incentives for blockchain project development.
Companies and research organizations, both public and private, will be able to apply for funding from the Ministry under this new initiative in order to create initiatives including the Internet of Things (IoT), artificial intelligence (AI), and blockchain technology. The fund will have an initial budget of $46 million, according to the official press release, which will be utilized to meet the Italian government’s objectives for investments in technology, science, and development.
