The popularity of cryptocurrency is growing in Italy, and the country has seen a series of positive regulatory developments in the space. Recently, global crypto exchange LBank registered with the Organismo degli Agenti e dei Mediatori (OAM) as a Virtual Asset Provider, allowing the exchange to offer a range of services to Italian users.
This move follows the registration of other key players in the industry such as Binance, Coinbase, Crypto.com, Bitstamp, and BitMEX.
The official register of cryptocurrency traders was opened by the OAM on May 18th, 2022, and Binance secured its spot just nine days later.
The registration is a significant milestone for LBank in its journey to gain regulatory approval from jurisdictions around the world.
Eric He, co-founder and chairman of LBank, stated that the company appreciates the efforts of the Ministry of Economy and Finance and the OAM in defining and enforcing industry standards in Italy.
The registration of LBank comes at a crucial time as European regulators prepare for the upcoming Markets in Crypto Assets (MiCA) regulatory framework. MiCA will define the requirements for crypto issuers and service providers, including exchanges like LBank.
Bank of Italy Governor Ignazio Visco shared in a speech that regulators in Italy are preparing a supervisory environment in anticipation of future EU crypto laws.
According to Visco, about 2% of Italian households hold “modest amounts” of crypto, highlighting the increasing popularity of digital assets in the country. LBank’s regulatory approval will further drive the mainstream adoption of digital assets and enhance the transparency and anti-money laundering measures in the industry.
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