By Michael Scott
The Hong Kong-based crypto exchange LBank has completed the registration for virtual asset providers to enter the Italian markets. The regulators in Italy, Organismo degli Agenti e dei Mediatori (OAM), have granted LBank the go-ahead to provide crypto-related services and products.
The crypto exchange started the registration process at the beginning of February. A report from the LBank group dated February 9 revealed that the regulators approved their registration, and they are legally allowed to operate in Italy.
LBank Expands to the Italian Market
The crypto exchange LBank has made exceptional moves in the crypto realm by offering services to more than 9 million customers globally. The test to remain at the top inspired LBank to enter the Italian market.
On February 1, the crypto exchange proceeded with the regulatory requirement by submitting a virtual asset provider (VAP) permit registration. The Italian OAM evaluates the firm’s suitability before the registration approval.
On February 9, the OAM issued a green light for LBank to establish offices in Italy and commence operations. The entry into Italy is set to become the gateway to the rest of Europe market.
Conditions for Approval of Virtual Asset Provider Permit
A statement from LBank founder Eric He dated February 9, revealed that Italy had adopted tougher crypto regulations to meet global standards and uphold transparency. He stated that such regulations push for high crypto adoption and ease the implementation of anti-money laundering laws.
The collaboration between the Italian Ministry of Economy and OAM inspires Italy to be a crypto-friendly country. The country’s journey to becoming a critical crypto center aims at leveraging the widespread adoption of digital assets in the country.
LBank’s founder acknowledged the OAM efforts in approving the company registration in Italy. He stated that complying with the registration process portrayed LBank as a compliant company.
Why are Crypto Firms Pursuing Italy?
Ideally, the official opening for the Italian registration for crypto traders was initiated in May 2022. The leading crypto exchange Binance was the first to lodge registration documents on the portal within the first week.
Binance’s move triggered other crypto firms to storm the OAM online registration platform targeting to explore the Italian crypto market. Such firms include fast-growing crypto exchanges Coinbase, Crypto.com, BitMEX, and others.
Besides the stringent crypto regulations in Italy, regulators in the European bloc are pushing for Market in Crypto Assets (MICA) regulations. The MICA proposal aims to improve crypto compliance by outlining the requirements for crypto operators in Europe.
Recently, a statement by the governor of the central bank of Italy, Ignazio Visco, issued on February 4, disclosed that the country has invested in developing a crypto-friendly environment that would match future changes in EU digital assets regulations.
Visco reiterated that the central bank analyzed that about 2% of Italians have embraced cryptocurrency.