CryptoCom Receives Regulatory Approval to Provide Services in Italy

The top financial regulator in Italy – Organismo Agenti e Mediatori (OAM) – greenlighted the digital asset exchange CryptoCom to provide a range of products and services to Italian clients in compliance with domestic law.

In addition, the German investment platform – Trade Republic – also expanded its presence to the southern European country, registering as a cryptocurrency operator there.

Rush to Settle in Italy

CryptoCom keeps expanding its international reach despite the crypto winter and the negative consequences. Due to the decline of the market and the outflow of investors’ interest, the company had to lay off a significant chunk of its workforce, and it remains unknown whether the redundancy spree will be continued in the near future.

However, the latest approval from the Italian watchdogs could act as a stepping stone for the firm and stabilize its shaking foundations. According to a document shared with CryptoPotato, Kris Marszalek – Co-Founder and CEO of CryptoCom – said:

“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.”

Another company that heard “yes” from the Italian regulators was the Berlin-based investment firm – Trade Republic. The company started providing its services in the country last December, while today (July 19), it registered as a cryptocurrency operator.

Established in 2015, the organization has over one million customers. Last year, a $900 million financing round boosted Trade Republic’s valuation to $5 billion. Apart from Italy, it provides digital asset services to users in Spain, too.

Italy Welcomed Coinbase

Earlier this week, the leading American crypto exchange – Coinbase – obtained a license from the OAM to operate as a digital asset provider in Italy. The company outlined that it is one of the few entities that met the new strict requirements of the local regulators.

Those obligations include abiding by anti-money laundering laws. Nana Murugesan – Coinbase’s Vice President of International and Business Development – commented:

“Gaining this regulatory approval is a testament to our close collaboration and positive working relationship with the Italian financial regulators.”

The solidified presence in Italy is part of Coinbase’s strategy to expand its operations in Europe. France, Spain, Switzerland, and the Netherlands are some nations where the company wants to receive regulatory approval.