- Cryptocurrency exchange Crypto.com has been licensed by the Italian Anti-Money Laundering Authority.
- This means that the exchange can now also offer services in Italy.
- She has also previously obtained licenses in Greece, Singapore and Dubai.
Digital asset exchange Crypto.com has received approval from Italian regulators and is now allowed to offer its services in the country. According to the company, it brings it one step closer to its goal of “building sustainable growth in the region”.
On Tuesday, Crypto.com announced that the exchange has been registered and approved by Italy’s anti-money laundering regulator, OAM. With this approval, Crypto.com is allowed to offer its products and services to Italian customers.
We are proud to announce that https://t.co/vCNztATSCO has obtained regulatory approval in Italy, from the Organismo Agenti e Mediatori (OAM).
Full details https://t.co/JNfY5DNBtA pic.twitter.com/os6HpjsE6f
— Crypto.com (@cryptocom) July 19, 2022
Crypto.com says the exchange has more than 50 million customers around the world. The exchange has also secured licenses in Greece, Singapore and Dubai in recent months.
In terms of gross domestic product, Italy is the third largest market in the European Union. Many crypto service providers are looking to expand into the country. As Cointelegraph reported, US crypto exchange Coinbase also recently received OAM approval. In May, Binance received the green light from the OAM and has been allowed to serve the Italian market ever since.
While Italy does not have a unified approach to regulation when it comes to cryptocurrencies, the government still wants to boost adoption of blockchain technology. Earlier this month, Italy’s Ministry of Economic Development announced that some blockchain projects could receive government grants of up to around €45 million.
Meanwhile, major Italian exchange Borsa Italiana has listed a so-called “Bitcoin-themed” ETF. This provides Bitcoin exposure to institutional investors and retirement planners in Italy.