Crypto.com Becomes the Latest Exchange to Obtain a Crypto Operating License in Italy
- Crypto.com joins Coinbase in becoming another licensed virtual asset provider in Italy.
Italy’s crypto regulator, the Organismo Agenti e Mediatori (OAM), has granted an operating license to another crypto exchange, Crypto.com. Thus, the crypto exchange platform can start offering its products and services to the Italian crypto space. Crypto.com issued an official statement to confirm the news on Tuesday.
Crypto.com is following the footsteps of rival firms, Coinbase and Binance, in expanding its operations in Europe and other parts of the world. Last month, Singapore’s financial regulator (the Monetary Authority of Singapore, MAS) granted an in-principle operating license to Crypto.com and two other crypto firms. Also, Crypto.com was one of the first to take advantage of Dubai’s crypto-friendly regulation.
In March, the exchange announced the establishment of its office in Dubai. Crypto.com also has regulatory approval from the Hellenic Capital Market Commission, allowing it to offer its products and services to the Greeks. The exchange platform also stated that it would recruit many Dubai residents to strengthen its presence in that region.
In his remarks concerning the new license, Kris Marszalek (Crypto.com’s CEO and co-founder) said the crypto firm intends to its expansion efforts into various regions, even outside Europe. However, it would do so following the regulatory framework that operates in those regions. The exchange also announced that it had surpassed over 50 million users globally.
It boasts that it is the fastest growing crypto platform Worldwide. Coinbase announced its license approval yesterday, while Binance obtained its approval in late May.
Crypto.com in Expansion Mode
It has been a good couple of weeks for Crypto.com. Last month, the exchange announced a new partnership with Apple that will enable Crypto.com to receive payments for crypto purchases through the Apple Pay app. However, the feature is only available to us residents, apart from those in the New York state.
Also, Crypto.com’s visa cards are available with Apple Pay in Australia. Crypto.com’s Australia users can add their visa cards to their Apple wallets. Users can even make their purchases via Face or Touch IDs. However, there is a spoiler to the announcement. An Apple Pay user is suing apple over anti-trust violations. He argued that Apple uses its market power to fend off competition for its Apple Pay mobile wallet.
Hagens Berman Sobol Shapiro and Sperling & Slater would be the law firm representing the plaintiff. This law firm helped smaller iOS developers to receive a $100 million settlement from Apple last August. These developers claimed that Apple was surcharging them on commissions.
The plaintiff wants the court to stop apple’s unwholesome practices while seeking an undisclosed amount in damages. Crypto.com remains committed to facilitating global crypto adoption.
In line with this objective, the company recently appointed a new global head of derivatives legal – Stephen Humenik. Humenik brings his more than two decades of legal experience (including his stint at the US Commodity Futures Trading Commissions, CFTC) in similar roles to Crypto.com.