Italy Approved Coinbase To Operate As Crypto Asset Service Provider

According to a blog post published on Monday, July 18, a major U.S. cryptocurrency exchange, Coinbase, has received authorization from Italian regulators to continue operating to Italian consumers.

In a recent blog post, Coinbase said that after extending 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 objective was to introduce the Coinbase family of consumer, business, and developer solutions. So, by receiving Italy’s approval, the exchange achieved its goal.

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On July 18th, the Organismo Agenti e Mediatori (OAM) announced that they would be implementing a new standard for businesses that offer cryptocurrency trading and custody services.

Coinbase declared that it had complied with the standards of the Organismo Agenti e Mediatori (OAM), which regulates and enforces anti-money laundering policies for financial advisors and credit brokers in Italy:

We’re proud to be among the first companies to meet these benchmarks.

However, Coinbase’s vice president for international and business development, Nana Murugesan, emphasized that as they work towards their goal of promoting economic freedom worldwide, cultivating positive relationships with regulators in every country where we conduct business is crucial.

He stated in the post:

Gaining this regulatory approval is a testament to our close collaboration and positive working relationship with the Italian financial regulators.

He further added that maintaining their solid regulatory partnerships will guarantee that they continue to promote the products that their consumers desire through the most trustworthy and safe platform in the crypto-economy as they expand throughout Europe and other places.

Italy Has A High Degree Of Adoption Of Cryptos

One of the strongest economies in the EU is Italy. Like the rest of the world, Italians have adopted Bitcoin and other cryptocurrencies. Moreover, numerous research and data indicate that Italy is gradually heading towards widespread use of blockchain and cryptocurrencies. 

From individual crypto ownership to businesses, cryptos like Bitcoin are making headway in the country. The degree of crypto activity in European nations was investigated by the research company Chainalysis. Italy came in at number seven, just behind the UK and Germany, according to the research.

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Moreover, the government has enacted taxation regulations for cryptocurrencies. Italians are thus not subject to taxes when they convert cryptocurrency to money. Therefore, cryptos are gaining ground in the region, from company adoption to individual ownership.

It is anticipated that the country’s acceptance of digital currencies would be significantly impacted by the banks’ introduction of crypto services. For example, this year, Bitcoin will be accessible to more than 300,000 Banca Generali clients. Conio, a cryptocurrency platform that will be incorporated into Banca Generali’s Home Bank application, and the bank collaborated to make the functionality possible.

                        Featured image from Flickr, chart from Tradingview.com