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CryptoCom receives regulatory approval to provide services in Italy

OAM has agreed with CryptoCom to provide products and services to Italian customers and has registered Trade Republic as a cryptocurrency operator in Italy.

The leading financial regulator in Italy – Organismo Agenti e Mediatori (OAM) – has given the green light to digital asset exchange CryptoCom to offer a wide range of products and services to Italian customers in accordance with the law. domestic.

In addition, the German investment platform – Trade Republic – also expanded its presence to the southern European country, registering as a cryptocurrency operator there.

Hurry to settle in Italy

CryptoCom continues to expand its international reach despite the crypto winter and negative consequences. Due to the market decline and investor interest, the company has had to lay off a large amount of its workforce and it is not yet known whether the overcapacity will continue for the foreseeable future. or not.

However, the latest approval from Italian watchdogs could act as a stepping stone for the company and stabilize its wobbly foundations. According to a document shared with CryptoPotato, Kris Marszalek – Co-Founder and CEO of CryptoCom – said:

We are delighted to receive this registration in Italy and consider it a huge step forward for CryptoCom. We are committed to building lasting growth in the region and will continue to work with regulators to provide a wide range of products and services to our valued customers.

Another company that has heard “yes” from Italian regulators is Berlin-based investment firm Trade Republic. The company started offering its services in the country last December, while today (July 19) it registered as a cryptocurrency miner.

Founded in 2015, the organization has over a million customers. Last year, a $900 million funding round raised Trade Republic’s valuation to $5 billion. In addition to Italy, it also offers digital asset services to users in Spain.

Italy Welcomes Coinbase

Earlier this week, the leading US cryptocurrency exchange – Coinbase – received a license from OAM to operate as a digital asset provider in Italy. The company points out that it is one of the few to meet the new stringent requirements of local regulators.

Those obligations include compliance with anti-money laundering laws. Nana Murugesan – Vice President of International and Business Development at Coinbase – commented:

Achieving this regulatory approval is testament to our close cooperation and active working relationship with Italian financial regulators.

The growing presence in Italy is part of Coinbase’s strategy to expand its operations in Europe. France, Spain, Switzerland and the Netherlands are some of the countries where the company wants to get regulatory approval.