London-based crypto firm Blockchain.com said on Thursday it had registered as a virtual asset service provider in Italy, the latest in a series of digital asset firms to do so.
Italy created a special registry with its brokerage regulator in February to list crypto operators with a stable presence in the country, provided they meet certain requirements.
Blockchain.com said in a statement that it can now offer crypto and digital wallet Services to Italian residents and institutional investors under the regulator, known as OAM.
major exchange Binance and US-based coinbaseAs well as Singapore-based Crypto.com and German investment platform Trade Republic, are among those that have already secured registration with OAM.
Regulators around the world are working on how to bring the crypto sector, which has been subject to poor regulations. On the agenda are issues of consumer protection, threats to financial stability and the illegal use of digital coins.
Crypto platforms are looking to consolidate their bases in Europe ahead of the implementation of crypto regulations agreed by the European Union last month.
Under the rules, expected to go live after 2024, crypto firms will be required to have licenses and customer safeguards to issue and sell digital tokens in blocks.
“This registration strengthens our position to provide services across Europe,” Blockchain.com said.
OAM oversees financial agents and credit brokers in Italy. It says it may collect and share data provided by crypto firms on their customers and operations with anti-mafia and counter-terrorism investigators in Italy.
Last month, major US crypto exchange Coinbase Told It had received approval from Italian regulators to continue serving customers in Italy. Coinbase revealed that it meets the requirements of OAM, which also enforces money laundering controls.
Financial watchdogs around the world are grappling with how to regulate the cryptocurrency market, which is still subject to complicated regulations. Consumer protection, threats to financial stability and illegal use of digital coins are among the top issues on the agenda of regulators.
© Thomson Reuters 2022