Bitstamp Received License as a Registered as a VASP in Italy

Luxembourg-based cryptocurrency exchange Bitstamp announced that it is now recognized as a virtual assets service provider (VASP) in Italy.

The exchange’s registration was with the Italian anti-money laundering (AML) watchdog, Organismo Agenti e Mediatori (OAM). Bit stamp now holds the full right to operate in the region as a cryptocurrency exchange.

According to the OAM website, Bitstamp registered with the financial watchdog on Thursday 21st July using its European subsidiary, Bitstamp Europe.

The activities of all crypto firms registered with the AML watchdog are scrutinized to ensure it aligns with the regulation of the European Union(EU). Importantly, the OAM registration is regarded as a new reporting requirement for operators in virtual currencies and digital assets.

Generally, Italy with the most exciting and prominent markets in Europe has positioned itself as a country that is open to crypto adoption. Bitstamp is thrilled to offer its Italian customers safeguarded trade routes where they can buy, sell, convert and hold cryptocurrencies.

Boasting a solid compliance infrastructure as well as banking standard regulations, Bitstamp says all its customers and investors can trust its secured operations. Based on the blog post, “

Trust is at the heart of everything we do.” Partnering with OAM is an indication of Bitstamp’s commitment to operating in a regulated and authorized atmosphere.

The Luxembourg exchange regards its registration with OAM as a significant step in its journey toward driving crypto adoption in Europe. It is also focused on attaining market maturity across the world while making ample provision for stability in both retail and institutional investments.

Bitstamp and Other Crypto Firms in European Markets

Bitstamp seems not to be the only crypto firm that has gained entrance into European territories recently. Its registration comes barely a few days after Crypto.com received regulatory approval from Cyprus Securities and Exchange Commission (CySEC) in agreement with OAM.

The United States-based cryptocurrency exchange Coinbase also bagged an operational license from the Italian market regulator. For Coinbase, receiving the license is a step in the realization of the exchange’s revision to permeate the European markets with its range of innovative products.

Over the years, Bitstamp has amassed a series of regulatory approvals as a VASP from Europe. Its Europe division, Bitstamp Europe has previously received approval from Luxembourg and the Netherlands.