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CryptoCom Receives Regulatory Approval to Provide Crypto Services in Italy

CryptoCom Receives Regulatory Approval to Provide Crypto Services in Italy

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Answer CryptoCom Receives Regulatory Approval to Provide Crypto Services in Italy

The largest financial regulator in Italy “Organismo Agenti e Mediatori (OAM)” has given the green light to cryptocurrency exchange “CryptoCom” to provide a range of products and services to Italian clients in accordance with local law.

In addition, German investment firm Trade Republic has also expanded its presence in the southern European country, where it is registered as a cryptocurrency operator.

Accelerating crypto adoption in Italy:

CryptoCom continues to expand its international reach despite the crypto winter and its attendant negative consequences.

Due to declining market prices and a lack of investor interest, CryptoCom has been forced to lay off a large portion of its workforce, and it is still unknown if it will continue with layoffs in the near future.

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However, the recent approval from Italian watchdogs could serve as a stepping stone for the company and cement its shaky foundations.

According to a document shared, CryptoCom co-founder and CEO Chris Marsalek stated:

We are excited to receive this registration in Italy and consider it a major step forward for CryptoCom.

We are committed to building lasting growth in the region and will continue to work with the regulators to offer a wide range of products and services to our valued customers.

Another company that received a “yes” answer from Italian regulators is the Berlin-based investment firm Trade Republic.

Trade Republic started offering its services in the country last December, while registered Yesterday July 19 to become a cryptocurrency operator.

Founded in 2015, Trade Republic has over 1 million clients.

Last year, a $900 million funding round boosted Trade Republic’s value to $5 billion.

Aside from Italy, the company provides digital asset services to users in Spain as well.

Italy welcomes Coinbase:

Earlier this week, leading US cryptocurrency exchange Coinbase obtained a license from Italy’s OAM to operate as a digital asset provider in Italy.

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The company made it clear that it is one of the few entities that has met the new stringent requirements of local regulators.

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These obligations include complying with anti-money laundering laws.

Nana Murugesan, Vice President of Coinbase International Business Development commented:

Obtaining this regulatory approval is a testament to our close cooperation and positive working relationships with Italian financial regulators.

A strong 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 obtain regulatory approval.

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