Platform regulation continues in Europe! Shortly after Binance and then Coinbase were aligned, Crypto.com in turn received a green light from the Italian financial authorities. This is an important step for the platform as the market is falling and it is trying to get out of this situation.
Singapore-based Crypto.com is a global cryptocurrency exchange founded in 2016 by Bobby Bao, Gary Ohr, Chris Marsalek and Raphael Melo. It is believed to have experienced the fastest growth since its inception. It is true that today the exchange already has more than 50 million users on three continents of Europe, Asia and America.
But the Crypto.com platform does not intend to stop there. Its goal is to actively continue its growth worldwide. It seems that once again the European market is particularly targeted in the company’s development strategy. Indeed, Crypto.com makes no secret of its desire to invest in the European market in order to gain a stake and build a “stronger digital ecosystem” and “more egalitarian”.
Green light from Italian authorities
As mentioned in the previous article, regulatory approval is issued by the Organismo Agenti e Mediatori (OAM), the Italian regulatory authority. This will allow Crypto.com to offer a range of products and services to Italian customers in accordance with local laws. This is due to the satisfaction of certain legal criteria, which allowed him to obtain legal status (Cryptocurrency Operator).
To get an idea of the Italian regime, one need only look at French law. Indeed, the approval of the Italian regulators is a regime similar to the French one: the regime for service providers of digital assets (PSAN). Except that in our case the authorization is issued by the Autorité des Marchés Financiers (AMF).
The teams behind Crypto.com seem to be thrilled with the Italian solution. It is true that he comes at the right time. The crypto winter has been felt by many players lately, including Crypto.com, which, like others, had to lay off some of its workforce due to the bear market.
“We are delighted to receive this registration in Italy and see it as an important milestone for CryptoCom. We are committed to delivering sustainable growth in the region and will continue to work with regulators to offer a wide range of products and services to our valued customers. »
Chris Marsalek, CEO and co-founder of Crypto.com
Shortly before this announcement, Crypto.com registered in Greece and obtained a license in Dubai and – in principle, yet – in Singapore.
We can only applaud the healthy relationships the platforms are trying to establish with each state’s national courts and authorities. While this strengthens Crypto.com’s long-term position in the global marketplace, skeptics and the public are also gaining trust through compliance.