Bitstamp Gets Regulatory Approval to Operate in Italy
Nicholas Otieno Jul 26, 2022 04:20
Bitstamp achieved a major milestone by acquiring approval from Italian regulators to offer crypto services to its users.
Bitstamp, a cryptocurrency exchange based in Luxembourg, announced Monday that it has received regulatory approval to operate its business in Italy.
Bitstamp CEO JB Graftieaux confirmed the development: “This registration in Italy is part of our global plans to offer services across Europe and around the world,” the executive further added: “Italy is among the most important markets in Europe, and we are thrilled to provide its citizens with a safe and secure way to trade cryptocurrencies.”
Bitsamp said its registration application was approved by Italy’s financial regulator Organismo Agenti e Mediatori (OAM) on July 22.
The agency requires a license. Consequently, crypto firms in the jurisdiction must get a license to offer trading, custody, and other services.
The regulator recently implemented a new requirement that mandated all firms offering crypto trading, custody or other services to meet the set criteria.
Founded in 2011, Bitstamp, registered in Luxembourg and the Netherlands, is one of the oldest crypto companies in Europe.
In May, Graftieaux, Bistamp’s former Chief Compliance Officer and Europe CEO was appointed as the company’s global CEO.
The exchange has followed in the footsteps of other crypto firms that are expanding their operations and registering with the Italian financial regulator Organismo Agenti e Mediatori (OAM).
On 28th May, Binance received regulatory approval through registration as a crypto service provider with the OAM, as required by Italian newly updated regulations on crypto assets.
On 18 July, Coinbase won approval from Italian regulators to continue serving residents in Italy. Coinbase stated that it had met requirements from the OAM, which oversees financial and brokerage firms in Italy and implements anti-money laundering controls.
A day later, Crypto.com won regulatory approval from the Italian agency, allowing the exchange to distribute its products and services to users in the country.
With the crypto sector starting to break-free from the recent plunge, Italy is also taking a more welcoming approach towards crypto companies.
Italy is working actively to embrace the crypto industry and its development. Early this month, Italy's Ministry of Economic Development announced plans to offer up to $46 million in subsidies for developing projects across blockchain, Artificial Intelligence (AI), and Internet of Things (IoT) technologies, beginning mid-to-late September.
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