Blockchain.com, the global cryptocurrency exchange with its headquarters in the UK, announced on Thursday that it had registered in Italy to provide virtual asset services.
This registration made the London-based full-stack cryptocurrency services platform one the most recent crypto firms to receive such a registration.
Organismo Agenti e Mediatori (OAM) has granted the latest approval, which allows its legal entity to legally operate in Italy. Blockchain.com claimed that the registration it had obtained would make it accountable, and reduce the potential for money laundering.
The firm stated that it now offers its digital wallet and crypto services to Italian investors and institutions under the financial watchdog.
Blockchain.com announced that “this registration strengthens our positioning to offer services across Europe.”
The Reasons Why Crypto Firms are Currently Looking for Regulatory Approval In Italy
Blockchain.com is expected to register afresh at the Organismo degli Agenti e dei Mediatori, which regulates the Italian cryptocurrency industry.
The Ministry of Economy and Finance of Italy published a new decree in February that required cryptocurrency and digital wallet service provider to register in a specific section of the Organismo Agenti e Mediatori’s register.
So far, several major exchanges, including BitGo, BinanceThe OAM has already registered Coinbase in the U.S., Crypto.com in Singapore, and Bitstamp in Luxembourg as cryptocurrency exchanges.
Only firms that are registered in the register will have the right to offer these services in Italy after the time limitations set forth in the new requirements expire. In order to be registered, cryptocurrency providers must have a registered office in Italy and an operational headquarters.
OAM’s announcement is part of global regulators’ efforts to create a regulatory framework for the crypto sector. It is currently subject to inconsistent rules. The agenda includes financial stability, consumer protection and illegal use of cryptocurrency.