Crypto.com gets licence in Italy amid global expansion
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.
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.