Is Europe the new frontier for cryptocurrency exchange platforms? Yes, if we believe the race for licenses that is taking place at the moment. Crypto.com has just obtained the sesame from the Italian regulatory authority, and confirms its ambition to establish itself on the Old Continent.
Crypto.com sets up shop in Italy
Crypto.com announced yesterday that it has received the sesame from the Organismo Agenti e Mediatori (OAM), the agency in charge of these licenses, which are the equivalent of the French PSAN.
Buongiorno Italia
We’re proud to announce that https://t.co/vCNztATSCO has secured regulatory approval in Italy, from the Organismo Agenti e Mediatori (OAM).
Full details https://t.co/JNfY5DNBtA pic.twitter.com/os6HpjsE6f
– Crypto.com (@cryptocom) July 19, 2022
This registration allows Crypto.com to provide services to users located in Italy, in compliance with local regulations. Kris Marsalek, the company’s CEO, welcomed the move:
We are pleased to receive this registration in Italy, and consider it a major development for Crypto.com. “
Crypto.com targets Europe
The exchange platform also confirms that it is the region as a whole that interests it:
We are committed to building sustainable growth in the region, and will continue to work with regulators to provide a full range of products and services.
Crypto.com’s European ambitions were already evident in its recent registration with the Greek authorities. Recent partnerships had also shown this desire to expand in Europe. In March, it signed a partnership with FIFA, becoming a sponsor for the 2022 football World Cup.
Italy, Europe, and crypto platforms
Italy is the 4th largest GDP in Europe, and exchange platforms are not mistaken. Binance had thus obtained its local license last May. And the country itself seems to want to capitalise on cryptocurrency-related technologies. Earlier this month, we learned that Italy had created a 45 million euro fund for blockchain, AI and IoT projects.
However, the interest of companies in Europe is not only pecuniary. Regulators from all sides are now keeping a close eye on the industry. One example is Binance, which was fined this week by the Dutch Central Bank. Obtaining licences is therefore also an act of prevention, in order to be able to justify one’s right to operate on the territory in the years to come.
