Singapore-based Crypto.com and German investment platform Trade Republic announced Tuesday that they have registered as a cryptocurrency trader in Italy, following in the footsteps of competitors like Binance and Coinbase.
To protect depositors, the Italian Ministry of Economy in February created a special register at the Organization of Agents and Brokers (OAM), listing all cryptocurrency operators with a stable presence in the country, provided they meet certain conditions .
Cryptocurrency market regulation
Financial watchdogs around the world are struggling to regulate the fragmented cryptocurrency market. Top issues on the agenda of regulators include consumer protection, threats to financial stability and the unauthorized use of digital currencies.
“We are delighted with this registration in Italy and see it as 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 sustainable growth in the region and will continue to work with regulators.”
The registration of Crypto.com in Italy follows the entry into the Greek market. Trade Republic recently launched in-the-pan cryptocurrency services. It is authorized by Consob to regulate the Italian market and also offers investments in shares, derivative financial instruments and funds traded on the stock exchange. The Italian branch of Binance, one of the largest cryptocurrency exchanges, was registered in Italy in May.
On Monday, US-based Coinbase Global announced that it has met OAM registration and customer service requirements in Italy. The OAM monitors financial intermediaries and credit intermediaries in Italy and carries out anti-money laundering controls.
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