Italian Regulators Give Nod of Approval to CryptoCom Exchange to Facilitate Services

Now that the crypto sector is breaking-free from the recent slump, Italy is also taking a more welcoming approach towards crypto firms, established in the blockchain space.

By Radhika Parashar | Updated: 20 July 2022 13:02 IST

Italian Regulators Give Nod of Approval to CryptoCom Exchange to Facilitate Services

Photo Credit: Unsplash/ Emma Fabbri

In June, CryptoCom fired 260 of its employees to keep its business afloat

Highlights

Coinbase has obtained operational licence in Italy
OAM has also approved operations of Binance in Italy
CryptoCom was founded in 2015 and is based in Sinagapore

Organismo Agenti e Mediatori (OAM), the top financial regulator in Italy has approved the operations of CryptoCom exchange in the country. With this, the Singapore-based company will be able to bring crypto trade and exchanges services to Italian investors, while being in compliance with the laws of Italy. Now that the crypto sector is beginning to break-free from the recent slump, Italy is also taking a more welcoming approach towards crypto firms, established in the blockchain space.

“We are excited to receive this registration in Italy and view it as a major step forward for CryptoCom. We are committed to building lasting growth in the region and will continue working with regulators to deliver a wide range of products and services to our valued customers,” a CryptoPotato report quoted Kris Marszalek, the Co-Founder and CEO of CryptoCom as saying.

Back in June, CryptoCom resorted to firing 260 of its employees in order to keep its business afloat. Its entry into the Italian market is expected to fetch the firm out of its financial woes.

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CryptoCom is not the only blockchain company that recently made its entry into the Italian markets.

Earlier this week, US-based crypto exchange Coinbase won approval from Italy's OAM to continue to serve customers in Italy.

Coinbase rival Binance, the world's largest exchange, had said in May it had registered with the OAM.

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Italy's Ministry of Economic Development is planning to provide up to $46 million (roughly Rs. 364 crore) in subsidies for developing projects across Artificial Intelligence (AI), blockchain and Internet of Things (IoT) technologies, starting in mid-to-late September.

It is also worth noting that Italy, being a member of the European Union, is likely to be affected by recent regulations agreed by the EU Parliament aiming to bring crypto issuers and service providers within its jurisdictional control under a single regulatory framework.

The EU has recently declared that crypto firms that want to issue and sell digital tokens in an EU state will have to obtain a licence from a national regulator.

The licence will allow operators to serve the whole 27-country bloc from one base, and be liable for losing crypto assets from consumers' digital wallets.

The deal needs formal rubberstamping by EU states and the European Parliament before it comes into effect — likely 2023 at the earliest.

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Further reading: Cryptocurrency, Italy, Organismo Agenti e Mediatori, CryptoCom, Binance, Coinbase

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More