Investment platform Trade Republic said on Tuesday that it had registered as a cryptocurrency operator with the Italian industry authorities.
Following rivals like Singapore-based Binance and Coinbase, Crypto.com and German investment platform Trade Republic announced Tuesday that they have registered as cryptocurrency operators in Italy.
In an effort to protect investors, the Italian Ministry of Economy, in cooperation with intermediary regulator Organismo degli Agenti e dei Mediatori (OAM) in February, launched a special registry listing all crypto operators stably existing in the country as long as they are compliant. established. specific criteria.
Financial watchdogs around the world are debating how to control the fragmented crypto sector. Consumer protection, risks to financial stability, and unauthorized use of digital currencies are among the major agendas of regulators.
Kris Marszalek, Co-Founder and CEO of Crypto.com said, “We are delighted to have registered in Italy and consider it a huge step forward for Crypto.com.” Crypto.com has 50 million members worldwide.
“We will continue to work with the authorities as we are committed to promoting the long-term development of the region,” he added.
Crypto.com registration in Italy takes place after entering the Greek market. Recently, Trade Republic introduced cryptocurrency services to Spain . It also offers investments in stocks, derivatives and exchange-traded funds and is approved by Consob, the Italian market regulator.
Binance, one of the largest cryptocurrency exchanges , opened an Italian office in May. US cryptocurrency exchange Coinbase Global said on Monday that it has met the conditions of OAM registration and Italian consumer service. OAM monitors Italian credit brokers and financial agents and enforces anti-money laundering regulations.