The top financial regulator in Italy – Organismo Agenti e Mediatori (OAM) – greenlighted the digital asset exchange CryptoCom to provide a range of products and services to Italian clients in compliance with domestic law.
In addition, the German investment platform – Trade Republic – also expanded its presence to the southern European country, registering as a cryptocurrency operator there.
Rush to Settle in Italy
CryptoCom keeps expanding its international reach despite the crypto winter and the negative consequences. Due to the decline of the market and the outflow of investors’ interest, the company had to lay off a significant chunk of its workforce, and it remains unknown whether the redundancy spree will be continued in the near future.
Italy Welcomed Coinbase
Earlier this week, the leading American crypto exchange – Coinbase – obtained a license from the OAM to operate as a digital asset provider in Italy. The company outlined that it is one of the few entities that met the new strict requirements of the local regulators.
The solidified presence in Italy is part of Coinbase’s strategy to expand its operations in Europe. France, Spain, Switzerland, and the Netherlands are some nations where the company wants to receive regulatory approval.