Italian Authorities Approve Crypto.com’s European Expansion Amid European Expansion Plans
Organismo Agenti e Mediatori in Italy has awarded Crypto.com (CRO-USD) a regulatory authorization so that it may sell its goods and services to clients in Italy.
Italian authorities have authorised Crypto.com to provide its services in the Mediterranean country, a move the company claims is in keeping with its objective to “create sustainable development in the area.”
Organismo Agenti e Mediatori, better known as OAM, the primary anti-money laundering authority in Italy, registered and approved Crypto.com on Tuesday. The clearance permits Crypto.com to provide its goods and services to Italian clients.
Kris Marszalek, Crypto.com’s CEO, remarked, This registration in Italy is a significant step forward for Crypto.com, and we are thrilled to have received it.
It’s the latest step in Crypto.com’s development; the business recently acquired permission to operate in Greece, gained a licence in Singapore in June, and launched a Dubai office in March.
Italy is the third-largest market in the European Union by gross domestic product, and crypto service providers are eager to grow there. According to Cointelegraph, the American cryptocurrency exchange Coinbase has recently gained authorization from the OAM to commence operations in the Mediterranean country. In May, Binance also got clearance from Italy’s regulatory body.
Despite the government’s efforts to promote blockchain technology, Italy’s regulatory posture towards cryptocurrencies is far from typical. Earlier this month, the Italian Ministry of Economic Development said that some blockchain initiatives might qualify for up to $46 million in government support.
The statement was made a day after Coinbase said that it had also secured clearance in Italy as part of its expansion plans in Europe.