Crypto Exchange Crypto.com Wins Regulatory Approval In Italy

Cryptocurrency exchange Crypto.com has won the approval to operate in Italy from the Organismo Agenti e Mediatori (OAM) and will be able to provide virtual currency as well as digital wallet services to the citizens of the country.

According to an announcement Tuesday, Crypto.com will provide Italian customers with "a suite of products and services to Italian customers in compliance with local regulations."

“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.”

Interestingly, the Ministry of Economy and Finance (MEF) of Italy issued a new decree in January, which stated that every firm providing or aiming to provide crypto-related services in the country will need to enroll in a special section of the register held by the supervisory body called OAM.

An essential requirement for the approval of crypto firms in the nation is to have a legal and administrative office in Italy. However, for EU companies, a branch in Italy is sufficient.

Crypto.com currently boasts 50 million users and has recently "received registration in Greece from the Hellenic Capital Market Commission, in-principle approval for a Major Payment Institution License from the Monetary Authority of Singapore, and provisional approval of its Virtual Asset License from the Dubai Virtual Assets Regulatory Authority," as per the press statement.

According to CoinMarketCap, Crypto.com is the 15th biggest crypto exchange globally. The exchange is known for securing a deal with AEG, a leading sports and live entertainment company, to the naming rights of the Staples center for 20 years in November last year.

Recently, leading crypto exchanges Binance and Coinbase were also approved to operate in Italy.