Digital asset exchange Crypto.com has received approval from Italian regulators to offer its services in Italy— a move Crypto.com says aligns with its vision of “building lasting growth in the region.”
On July 19, Crypto.com announced that it had officially received registration and regulatory approval from Organismo Agenti e Mediatori, also known as OAM, Italy’s primary Anti-Money Laundering regulator. The approval effectively grants the company the ability to offer its products and services to Italian customers.
The company claims to have more than 50 million customers around the world. Recently, it received regulatory licenses to operate in Greece, Singapore, and Dubai.
Italy is the European Union’s third-largest market by gross domestic product. So, it is unsurprising that crypto-related companies would like to expand their operations in the country. For example, the crypto exchange Coinbase recently secured OAM approval to begin operating in the Mediterranean country. This spring, Binance was given the OAM green light to serve the Italian market.
Even though Italy’s regulatory approach to crypto is far from uniform, the government has been keen to promote the adoption of blockchain technology.
Recently, the Ministry of Economic Development of Italy made an important announcement. According to the ministry, certain blockchain projects will qualify to apply for up to $46 million in government subsidies starting from September.
It said companies and public or private research firms would be able to apply for funding from the country’s government for the development of projects associated with artificial intelligence, the Internet of Things as well as blockchain technology.
Italy and new opportunities
Interestingly, the fund will have an initial budget of 45 million euros for expenses as well as costs from 500 thousand to 2 million euros as part of the country’s government’s goals for investments in technology, research, and innovation.
Giancarlo Giorgetti, who serves as the Minister of Economic Development, made an interesting comment. According to Giorgetti, the ministry is ready to support companies that plan to invest in cutting-edge technologies.
What’s interesting, the directive was made possible by a decree in December 2021. It established criteria for using the fund and a subsequent one in June 2022 in which the Ministry of Economic Development set the terms as well as conditions for submitting applications.
According to the above-mentioned decree, companies of any size will be eligible to apply for subsidies, provided the funds will be used for the Internet of Things, artificial intelligence, or blockchain in sectors including industry and manufacturing, etc.
A member of the European Union, the Republic of Italy, would likely be affected by recent regulations agreed upon by the EU Parliament. New regulations aim to bring crypto issuers and service providers within its jurisdictional control under a single regulatory framework.
Italy’s securities regulator, the Italian Companies and Exchange Commission, has previously warned Italians about the possible risk factors regarding crypto investments.
Notably, the Organismo Agenti e Mediatori gave the green light to major crypto exchange Binance to open a branch in Italy.