Crypto.com today announced its registration and approval as a provider of digital currencies and digital wallet services in Italy. The approval is by the market regulator, by the Organismo Agenti e Mediatori (OAM). With this approval, Crypto.com will provide a range of products and services to Italian clients in accordance with local rules. Customers can now use Crypto.com with confidence, knowing that they have a watchdog institution.
Crypto.com’s certification and the case for crypto market regulation
In recent months, the cryptocurrency market has been in a slump. However, some crypto companies are taking advantage of this to broaden their markets. In addition, some investors believe that now is the best time to buy crypto in anticipation of a market turnaround. As a globalized crypto platform, Crypto.com aims to encourage everyone to use cryptocurrency.
For Crypto.com’s long-term success, it is a good thing that the Italian authority has approved the company’s operations. Furthermore, the European Union recently established legislation aimed at regulating the crypto sector and protecting investors. Markets in Crypto Assets (MiCA) is a historic law aiming to make crypto operations more streamlined and stricter for a wide range of crypto market participants. Some of the targeted institutions include a number of exchanges and token issuers offering so-called “stablecoins,” which have raised concerns over their actual stability in recent times.
“We are excited to receive this registration in Italy and view it as a major step forward for Crypto.com,” said Kris Marszalek, Co-Founder and CEO of 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.”
The combination of the crypto market downturn and the Tether collapse has made some investors skeptical about digital assets. Also, regulators have rushed to create laws that will ensure greater accountability by issuers of digital assets and trading platforms. MiCA will likely take full effect in 2024. This explains why companies like Crypto.com are keen on obtaining country-specific licensing in the intervening time.