Crypto.com gets licence in Italy amid global expansion

abdelaziz Fathi

Crypto.com has gained regulatory approval in Italy from the Organismo Agenti e Mediatori (OAM) — a requirement under the country’s legislation – as it continues its expansion to new regions. 

Crypto.com

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 Crypto.com to act as a provider of virtual currency and digital wallet services.

In his statement, Kris Marszalek, Co-Founder and CEO of Crypto.com thanked Italy’s authorities and the OAM for their efforts in defining the necessary requirements to operate in the country in full transparency.

“We are excited to receive this registration in Italy and view it as a major step forward for Crypto.com. 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,” he added.

The move comes weeks after Crypto.com – continuing with its global expansion – has received in-principle approval from Singapore regulators to operate fully regulated cryptocurrency services in the country. The IPA licence allows the firm to provide digital payment token services under the Major Payment Institution (MPI) licence.  Only 14 other MPI-licensed firms are approved by the city-state’s de facto central bank, the Monetary Authority of Singapore (MAS), to offer crypto services.

Crypto.com also received in June provisional approval from Dubai’s local regulator to set up its business operations in the UAE whilst it undertakes the process of applying for a full-scale license.

The in-principal approval allows Crypto.com to conduct a spectrum of virtual assets business under the initial regulatory phase of the Virtual Asset Regulatory Authority (VARA). This includes offering exchange products and services to pre-qualified investors and professional financial service providers under strict oversight and mandatory FATF compliance controls.

To get access to the retail market, Crypto.com, which claims 50 million users worldwide, alongside all licensed VARA service providers, will be progressively monitored in stages.

The move to expand into Europe comes in anticipation of an EU-wide regulatory framework that will grant passporting rights for crypto firm working across the continent. Set to go into effect in 2024, the proposal offers a bespoke legislative regime for markets in crypto-assets (dubbed ‘MiCA’) and relevant service providers not covered elsewhere in the EU financial services regime.

Read this next

Institutional FX

BNY Mellon to leverage Baton System’s CCP network on its ECPO service

“The union of Baton’s extensive CCP connectivity with the ground-breaking functionality of BNY Mellon’s ECPO service forms a powerful offering to cleared derivatives market participants.”

Institutional FX

NYSE and Tel Aviv Stock Exchange to promote dual listings

“This major step is intended to foster collaborations between the two exchanges and to encourage the dual listing of Israeli companies in their home market and on the NYSE.”

Technology

TT’s KRM22 selected as risk technology partner of Chicago-based RCM

“Broad product coverage and effective risk analytics performance are essential to proper implementation of risk management and risk analysis.”

Industry News

DXtrade FX/ CFD Platform Integrated with Your Bourse for Turnkey Liquidity

DXtrade brokers received access to 30+ major banks and Tier 2 liquidity providers with Your Bourse.

Executive Moves

Wave hires Harumi Urata-Thompson as CFO of SEC-regulated crypto investment company

“With extensive experience leading teams across both the traditional finance and digital asset sectors, Harumi is well-equipped to provide our team with the immediate strategic insights needed to optimize our financial operations. She is a fantastic addition to our team as we continue to strengthen our position as one of the leading digital asset managers and to deliver sophisticated financial services to our clients.”

Retail FX

TRADE.com enters United States as brokerage obtains license from FINRA

“We intend to be fully operational as a brokerage house in the U.S. by the end of H1 2023 and look forward to forging long term relationships with new business partners and clients.”

Technology

Pico launches Corvil Cloud Analytics as trading industry moves into cloud

“Since Corvil Cloud Analytics is software only, this accelerates our deployments and also provides an expedited avenue for proof-of-concept use cases. It’s now easier than ever for clients to access the platform so they can see firsthand what makes Corvil an industry leader in data analytics.”

Executive Moves

Finalto recruits Antony Parsons as head of liquidity

Finalto, the financial trading division of Gopher Investments, is making a broader push into the liquidity provision space, culminating in a new appointment focused on expanding the business into new markets.

Digital Assets

Huobi introduces Tether’s stablecoins pegged to euro, gold

Huobi, the world’s sixth-largest crypto exchange by trading volume, is set to introduce for its clients two stablecoins representing ownership of physical gold and Euro-pegged tokens.

<