Earlier in the year in February, Italy filed a special registration with its brokerage regulator. Under this, crypto operators were hired to operate stably in the country. However, the government had set some conditions for this, which the operators have to fulfill.
Blockchain.com said in a statement that it can now provide crypto and digital wallet services to Italian citizens and institutional investors under its regulator OAM. Earlier, major crypto exchanges such as Binance, Coinbase, Crypto.com and Trade Republic are also among the firms that have registered themselves under OAM. Coinbase is a US-based firm, Crypto.com is based in Singapore, while Trade Republic is an investment platform based in Germany.
Regulators around the world are trying to streamline the crypto sector, which has many complex rules. Consumer protection, threats to financial stability and illicit use of digital currency are some of the issues that stand in the way. The European Union has said last month that some rules will be implemented regarding crypto. Crypto platforms are trying to consolidate their foothold in Europe ahead of the implementation of these regulations.
The rules are expected to be in place by 2024, requiring crypto firms to be licensed before issuing or selling digital tokens to consumers and also to ensure certain safeguards for consumers. In this regard, Blockchain.com has said that after this registration, our position in Europe to provide crypto-related services has been strengthened. The OAM supervises financial agents and credit brokers in Italy.