Crypto.com, Trade Republic register for crypto services in Italy

Singapore-based Following in the footsteps of competitors like Binance and Coinbase, Crypto.com and German investment platform Trade Republic announced on Tuesday that they have registered as cryptocurrency operators in Italy.

In an effort to safeguard investors, Italy's economy ministry joined forces with brokerage regulator Organismo degli Agenti e dei Mediatori (OAM) in February to establish a special registry that would list all cryptocurrency operators with a stable presence in the nation as long as they complied with certain criteria.

Financial watchdogs from across the globe are debating how to control the fragmented crypto sector. Consumer protection, dangers to financial stability, and unauthorized use of digital currency are among the top topics on regulators' agendas.

Crypto.com co-founder and CEO Kris Marszalek stated, "We are thrilled to obtain this registration in Italy and consider it as a huge step forward for Crypto.com." Crypto.com has 50 million members globally.

We will keep cooperating with authorities because we are dedicated to fostering long-lasting development in the area, he added.

The registration of Crypto.com in Italy comes after its entry into the Greek market.

Recently, Trade Republic introduced cryptocurrency services in Spain.

It also provides investments in shares, derivatives, and exchange-traded funds and is approved by Italy's market regulator Consob.

One of the largest cryptocurrency exchanges, Binance, established its Italian branch in May.

American cryptocurrency exchange Coinbase Global said on Monday that it has satisfied the conditions to be listed on the OAM register and serve Italian consumers.

OAM monitors Italian credit brokers and financial agents and enforces anti-money laundering regulations.