Cryptocurrency giants, Crypto.com have announced that they have received the green light from the Italian financial regulators to provide a range of crypto services to Italian citizens.
The top financial regulator in Italy – Organismo Agenti e Mediatori (OAM) has given Crypto.com an operational license to offer its service range in Italy in compliance with domestic law.
This news was announced about a few days after it was revealed that Crypto.com laid off a significant chunk of its workforce due to the decline of the market and the outflow of investors’ interest.
It remains unknown whether the lay-off spree will continue soon but the news of the acquisition of the Italian operational license could be the much-needed stepping stone the firm needs to stabilize its shaking foundations. Crypto.com also informed the public that they are committed to the expansion of its international reach despite the negative crypto winter and its looming consequences.
Earlier this week, Italy opened its doors to Coinbase as they also obtained an operational license from the OAM to market their cryptocurrency products and services. Crypto. com has also joined Coinbase and Trader Republic who coincidentally received their license this week too.
The Berlin-based investment firm had already started providing services in Italy while it registered today as a cryptocurrency operator. Italy’s financial regulators affirmed that the influx of cryptocurrency products and services into the country can only be approved when the parent company of those services meets the strict requirements of the OAM.
These obligations also include abiding by anti-money laundering laws to reduce the fast-rising rates of cryptocurrency and digital collectible theft across Italy.
Featured image source: bitcoinist.com
