Blockchain.com registers to operate crypto business in Italy

abdelaziz Fathi

Blockchain.com had registered as a digital asset provider in Italy, following in the tracks of rivals who joined a special registry with brokerage regulator Organismo degli Agenti e dei Mediatori (OAM).

The approval allows the company to offer a suite of products and services to Italian customers, as well as open offices and expand its team in the country. The regulatory nod enables Blockchain.com to act as a provider of virtual currency and digital wallet services.

The UK-based firm follows in the footsteps of other crypto firms that have recently secured clearance from OAM, as required by newly updated regulations on crypto assets. The list includes Binance, which received regulatory approval in May to act as a crypto service provider with the OAM. Also last month, Coinbase won approval from Italian regulators and a day later, Crypto.com was awarded nod to distribute its products and services to users in the country.

The applicants are required to submit disclosures of a variety of data, including those relating to client identification and transactions on a quarterly basis. In case of non-compliance with the regulatory requirements, the operator may be subject to financial sanctions and its website may blocked by the internet providers.

As per Blockchain.com medium article, “Through engaging with OAM we’ve been encouraged by the thoughtful approach to protecting consumers and preventing money laundering. A key growth market, Italy represents a significant economy in Europe with a high crypto adoption rate relative to its peer countries in the EU. Additionally, this milestone strengthens our position to offer services across Europe ahead of the forthcoming Regulation on Markets in Crypto Assets (MiCAR), a landmark law expected to take effect in 2024/2025 that will create a single market for crypto through harmonized rules.”

The news comes shortly after Blockchain.com revealed it had been exposed to Three Arrows Capital (3AC) after the recently bankrupt hedge fund failed to meet a margin call. It also came on the heels of the firm’s announcement that is interviewing investment bankers about going public as soon as this year.

The company hasn’t made a final decision, though, and its plans for an initial public offering (IPO) could change, and the public debut could also slip to next year.

Blockchain.com, led by CEO and co-founder Peter Smith, is said to have registered 73 million crypto wallets and over 31 million verified users in more than 200 countries. It also claims a market share of 28% of all bitcoin transactions.

Read this next

Technology

BankiFi raises $4.8m to bring embedded banking platform to North America

“Our mission is to make all aspects of cash management and payments easier for SMBs everywhere, and this investment is another huge step to making that a reality.”

Executive Moves

Shieldpay hires ex-Payoneer Chris Andrews as Head of Sales

“We’ll be expanding our position in existing markets and accelerating growth into new verticals, whilst building on our direct and indirect channels.”

Digital Assets

Crypto.com secures preliminary approval to operate in Canada

Crypto.com, one of the longest-established crypto platforms, has become the first digital asset platform to sign a Pre-‘Registration Undertaking’ with the Ontario Securities Commission (OSC) in Canada.

Retail FX

CySEC hits IC Markets One with regulatory warning

The Cyprus Securities and Exchange Commission has once again stepped up its fight against unauthorized brokers.

Uncategorized

XTAGE now offers bitcoin and ether trading to 3.6M Brazilian investors

Brazilian financial services giant XP has officially launched its crypto trading platform XTAGE, which was built on major American stock exchange Nasdaq’s trading technology.

Institutional FX

FX volume drops 7pct at CLS Group in July 2022

FX settlement specialist CLS Group today reported that the executed volumes of currency trading on its platforms were notably down in July.

Digital Assets

Web3 startup PIP integrates with Binance ecosystem

Web3 payment provider PIP has announced integration with the Binance ecosystem, which allows the firm to vastly develop and propose needed products and improvements that are worthy of competing with others chains.

Industry News

Celsius $750m insurance claims are fraud, says lawyer seeking EU crypto superfund

“It is an intentional deception in aid of a billion-dollar securities offering.”

Institutional FX

DGCX brokers authorized to provide derivatives trading and clearing services

The DFM is looking to provide multiple asset classes such as; equities, ETFs, equities’ futures, crude oil futures, etc. to meet the growing demand from its diversified base of local and international investors.

<