Crypto.com Receives Green Light From Italian Regulator Amid European Expansion Move

Organismo Agenti e Mediatori in Italy has granted regulatory license to cryptocurrency exchange Crypto.com (CRO-USD) so that it may offer its products and services to customers there.

Crypto.com Expands To Italy

Italian regulators have given Crypto.com the go-ahead to offer its services in the Mediterranean nation, which the business says is in line with its mission of “building lasting growth in the region.”

On Tuesday, Organismo Agenti e Mediatori, also known as OAM, the country of Italy’s principal anti-money laundering regulator, officially registered and authorized Crypto.com. The approval effectively allows Crypto.com to provide its products and services to Italian customers.

Kris Marszalek, Co-Founder and CEO of Crypto.com said,

“We are excited to receive this registration in Italy and view it as a major step forward for 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,” Marszalek added.

Buongiorno Italia 🇮🇹

We’re proud to announce that https://t.co/vCNztATSCO has secured 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

It’s the most recent milestone in Crypto.com’s expansion; the company just received authorisation to operate in Greece, gained a license in Singapore in June, and opened an office in Dubai in March.

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By gross domestic product, Italy is the third-largest market in the European Union, and crypto service providers are looking to expand there. According to Cointelegraph, the American cryptocurrency exchange Coinbase recently received OAM approval to start doing business in the Mediterranean nation. Binance also received Italy’s regulator’s approval in May.

BTC/USD barrels towards $24k. Source: TradingView

Although the government has been keen to encourage the deployment of blockchain technology, Italy’s regulatory stance to cryptocurrencies is far from conventional. The Italian Ministry of Economic Development said earlier this month that some blockchain projects could be eligible for up to $46 million in government funding.

The announcement comes a day after Coinbase revealed that, as part of its intentions to expand in Europe, it had also obtained approval in Italy.

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Featured image from Getty Images, chart from TradingView.com