According to a blog post released on Monday, July 18, a major US cryptocurrency exchange, Coinbase, received permission from Italian regulators to continue operating for Italian consumers.
In a recent blog post, Coinbase said that after expanding its physical presence in the UK, Ireland and Germany, it is now working to do the same in France, Italy, Spain and the Netherlands. Their goal was to showcase the Coinbase family of solutions for consumers, businesses, and developers. Thus, by receiving Italy’s approval, the exchange achieved its goal.
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On July 18, the Organismo Agenti e Mediatori (OAM) announced that it would implement a new standard for companies that offer cryptocurrency trading and custody services.
Coinbase said it met the standards of the Organismo Agenti e Mediatori (OAM), which regulates and enforces anti-money laundering policies for financial advisers and credit brokers in Italy:
We are proud to be among the first companies to achieve these criteria.
However, Coinbase Vice President for International and Business Development Nana Murugesan stressed that as they strive to achieve their goal of promoting economic freedom around the world, cultivating relationships is crucial. positive with regulators in every country where we do business.
He said in the post:
Obtaining this regulatory approval is a testament to our close collaboration and positive working relationship with Italian financial regulators.
He further added that maintaining their strong regulatory partnerships will ensure that they continue to promote the products their consumers want through the most trusted and secure platform in the crypto economy as they grow. throughout Europe and elsewhere.
Italy has a high degree of crypto adoption
Italy is one of the strongest economies in the EU. Like the rest of the world, Italians have embraced Bitcoin and other cryptocurrencies. Moreover, numerous researches and data indicate that Italy is gradually moving towards the widespread use of blockchain and cryptocurrencies.
From individual crypto ownership to businesses, cryptos like Bitcoin are growing in the country. The degree of cryptographic activity in European countries was studied by the research company On-chain analysis. Italy came in at number seven, just behind the UK and Germany, according to the research.
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Additionally, the government has enacted taxation regulation of cryptocurrencies. Italians are therefore not subject to taxes when converting cryptocurrency into money. Consequently, cryptos are gaining momentum in the region from corporate adoption to individual ownership.
It is expected that the acceptance of digital currencies by the country would be significantly affected by the introduction of crypto services by banks. For example, this year Bitcoin will be accessible to more than 300,000 General Bank customers. Conio, a cryptocurrency platform that will be integrated with Banca Generali’s Home Bank app, and the bank have collaborated to make the feature possible.
Featured image from Flickr, chart from Tradingview.com