Blockchain.com, a global cryptocurrency exchange headquartered in the UK, said on Thursday it had registered as a virtual asset service provider in Italy.
The move made the London-based full-stack crypto services platform one of the latest crypto firms to have received such a registration.
The latest approval enables its legal entity to operate in Italy issued by the Italian financial authority Organismo Agenti e Mediatori (OAM). Blockchain.com said the registration it obtained would make it accountable and minimize the prospects for money laundering.
In a statement, the firm said it can now offer its crypto and digital wallet services to Italian users and institutional investors under the financial watchdog.
“This registration strengthens our position to offer services across Europe,” Blockchain.com said.
Why Crypto Firms Are Currently Seeking Regulatory Approval in Italy
Blockchain.com is one of the digital asset providers expected to register afresh with the Organismo degli Agenti e dei Mediatori (OAM), which regulates the cryptocurrency industry in Italy.
In February, Italy’s Ministry of Economy and Finance (MEF) published a new decree that requires cryptocurrency and digital wallet service providers who operate or intend to operate in the Italian territory to enrol in a special section of the register held by the financial regulator Organismo Agenti e Mediatori (OAM).
So far, several major exchanges, including BitGo, Binance, U.S-based Coinbase, Singapore-based Crypto.com, and Luxembourg-based cryptocurrency exchange Bitstamp, among others, have already secured registration with the OAM.
Once the time limits set out in the new requirements have expired, only firms entered in the register will be allowed to offer such services in Italy. To be registered, cryptocurrency providers are expected to have their registered office and operational headquarters in Italy.
The announcement by OAM is part of efforts by global regulators to bring a regulatory framework to the crypto sector, which is subject to patchy rules. Financial stability threats, consumer protection, and illicit use of cryptocurrencies are issues on the agenda.
Image source: Shutterstock Read The Original Article on Blockchain.News