Crypto.com Taps Italian Regulatory License for Operations

Crypto.com, one of the top exchange platforms in the digital currency ecosystem has announced it has received the registration and regulatory approval from the Organismo Agenti e Mediatori (OAM) in Italy. As revealed by the company, the new license has granted it the power to offer a wide range of product suites to its Italian customers in line with local regulations.

The license received by Crypto.com is a testament to its ambitions to expand its operations within the European Union. 

“We are excited to receive this registration in Italy and view it as a major step forward for Crypto.com,” said Kris Marszalek, Co-Founder, and CEO of Crypto.com. “We are committed to building lasting growth in the region and will continue working with regulators to deliver a wide range of products and services to our valued customers.”

Prior to the announcement of its application approval by the Italian regulator, Crypto.com says its plans to serve its more than 50 million users under strict local compliance have driven it to push for regulatory approval in various jurisdictions. The company said it has tapped the approval in Greece from the Hellenic Capital Market Commission, one of its most celebrated moves to penetrate the EEA.

Besides the EU, Crypto.com also has an operating license from the Monetary Authority of Singapore (MAS), and Dubai’s Virtual Assets Regulatory Authority (VARA).

Italy the New Crypto Hotspot

The receipt of a license by Crypto.com to operate in Italy has re-affirm the Italian Government’s strategy to soften its stance when it comes to permitting crypto entities to permeate the country.

Just yesterday, TheCoinRise reported that American Nasdaq-listed cryptocurrency trading firm, Coinbase Global Inc tapped a similar license from the Organismo Agenti e Mediatori. While this seems more of a coincidence, Binance Exchange, the world’s largest and most acclaimed virtual asset platform by trading volume also tapped a similar license from the OAM back in May.

Digital currency trading platforms form a very crucial aspect of any nation’s strategy to dive into the Web3.0 ecosystem seeing they are the gateway that powers related innovations.