Thursday, August 11, 2022

Crypto Firm Blockchain.com Gets Regulatory Approval For Services In Italy

London-based cryptocurrency firm Blockchain.com is said to have registered a virtual asset service provider in Italy. That is, the company can now provide crypto and digital wallet services to Italian citizens and investors under the supervision of the regulator. Blockchain.com is the latest company to do so among digital assets-related firms.

Earlier in the year in February, Italy had done a special registration with its brokerage regulator. Under this, crypto operators were placed so that they could operate in the country stably. However, for this, the government had also put some conditions, which the operators have to fulfill.

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Blockchain.com said in a statement that it can now provide crypto and digital wallet related services to Italian citizens and institutional investors under its regulator OAM. Prior to this, major crypto exchanges such as Binance, Coinbase, Crypto.com and Trade Republic are also included in the list of firms that have registered themselves under OAM. Coinbase is a US based firm, Crypto.com is Singapore based, while Trade Republic is a Germany based investment platform.

Regulators around the world are trying to uplift the crypto sector, which has a lot of complicated rules. Consumer protection, threats to financial stability and illegal use of digital currency are some of the issues which are major hurdles in this path. The European Union has said last month that some rules regarding crypto will be implemented. Crypto platforms have been trying to consolidate their base in Europe prior to the implementation of these regulations.

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It is anticipated that these rules may be implemented by 2024, under which crypto firms will need a license before issuing or selling digital tokens to customers and will also have to ensure certain security measures for customers. In this regard, Blockchain.com has said that after this registration, our position in Europe has been strengthened to provide crypto related services. OAM oversees the Financial Agents and Credit Brokers in Italy.

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