Tech Gets Regulatory Approval to Offer Cryptocurrency, Cryptocurrency Wallet Services in Italy: Details

London-based cryptocurrency firm said on Thursday it has registered as a virtual asset service provider in Italy, the latest in a string of property firms. Digital does the same.

Italy created a special registry with its brokerage regulator in February to list cryptocurrency miners with a stable presence in the country, provided they meet the most requirements. determined. said in a statement it can now offer cryptocurrency and digital wallet service to Italians and institutional investors under a governing body, known as OAM.

Main exchange Binance and is based in the United States Coinbaseas well as Singapore-based and German investment platform Trade Republic, are among those who have signed up for the guarantee with OAM.

Regulators around the world are finding ways to boost the crypto sector, which is subject to patchwork of rules. Consumer protection, threats to financial stability, and illegal use of digital currencies are on the agenda.

Cryptocurrency platforms are looking to strengthen their bases in Europe before disruptive crypto rules agreed to by the European Union last month come into effect.

According to the rules, which are expected to operate after 2024, crypto companies will need licenses and customer protections to issue and sell digital tokens in the block.

“This registration strengthens our position in providing services across Europe,” said

OAM oversees financial agents and credit brokers in Italy. It said it can collect and share with anti-mafia and counter-terrorism investigators in Italy data provided by crypto companies about their customers and activities.

Last month, major US crypto exchange Coinbase speak it has won approval from Italian regulatory authorities to continue serving customers in Italy. Coinbase has revealed that it has responded to requests from OAM, OAM, which also implements anti-money laundering controls.

Financial watchdogs worldwide are grappling with how to regulate the cryptocurrency market, which is still subject to patchwork rules. Consumer protection, threats to financial stability, and illicit use of digital currencies are among the top issues on the agenda of regulators.

© Thomson Reuters 2022

Source link


News5s: Update the world's latest breaking news online of the day, breaking news, politics, society today, international mainstream news .Updated news 24/7: Entertainment, the World everyday world. Hot news, images, video clips that are updated quickly and reliably

Related Articles

Back to top button