Bitstamp, one of the largest crypto platforms in Europe, has obtained regulatory approval from Italian financial regulators, allowing the exchange to continue serving Italian customers.
Bitstamp said it met the requirements of the Organismo Agenti e Mediatori (OAM), which oversees financial agents and credit brokers in Italy and implements anti-money laundering controls.
Bitstamp follows in the footsteps of other crypto companies that have recently registered their business in Italy, as required by recently updated regulations on crypto assets. The list includes Binance, which received regulatory approval in May to act as a crypto service provider with the OAM. Also that month, Coinbase gained approval from Italian regulators and a day later Crypto.com received the green light to distribute its products and services to users in the country.
Bitstamp CEO JB Graftieaux comments, “This registration in Italy is part of our overall plans to offer services across Europe and globally,” the executive further added, “Italy is the one of the largest markets in Europe, and we are delighted to provide its citizens with a safe and secure way to trade cryptocurrencies.
Bitstamp is celebrating its eleventh year of operation, making it the longest running crypto site in an industry plagued by hacks and exit scams. The exchange is currently ranked 13th in terms of total trading volume, according to the latest data provided by CoinMarketCap.
In 2016, Bitstamp received a publicity boost after obtaining a license to operate as a fully regulated payment institution (PI) in Luxembourg. At the time, Bitstamp touted the license as a factor in becoming the first fully licensed cryptocurrency exchange in Europe.
According to its blog post relating to the announcement, Bitstamp said it is taking this step in order to fulfill its mission of supporting all assets desired by its customers that meet the standards of the platform and are also compliant with their laws. respective locals.
The move to expand into Europe comes ahead of an EU-wide regulatory framework that will grant passporting rights to crypto firms working across the continent. Due to enter into force in 2024, the proposal proposes a tailor-made legislative regime for crypto-asset markets (known as “MiCAs”) and relevant service providers not covered elsewhere in the EU financial services regime.