The most powerful financial regulator in Italy, the Organismo Agenti e Mediatori, has approved the operations of the CryptoCom exchange in the country, while remaining in compliance with Italian laws.
The addition of this registration in Italy is a significant step forward for CryptoCom. We are committed to sustaining long-term growth in the region, according to a CryptoPotato article. Kris Marszalek, the Co-Founder and CEO of CryptoCom, is said to have expressed his delight.
CryptoCom resorted to firing 260 of its employees in order to stay afloat back in June. Its entrance into the Italian market is expected to free the business from financial difficulties.
CryptoCom isn't the only blockchain company to recently enter the Italian market.
Coinbase, a cryptocurrency exchange based in the United States, has received the authority from Italy's OAM to continue to offer its services to customers in Italy.
Binance, the world's largest exchange, had announced in May that it had registered with the OAM.
Starting in mid-late September, Italy's Ministry of Economic Development intends to provide up to $46 million (roughly Rs. 364 crore) in subsidies for developing projects across Artificial Intelligence (AI), blockchain, and Internet of Things (IoT) technologies.
It is also worth noting that Italy, being a member of the European Union, is likely to be affected by new measures adopted by the EU Parliament, which aim to bring crypto issuers and service providers under its jurisdictional control under a single regulatory framework.
The European Central Bank has recently announced that crypto companies that want to issue and sell digital tokens in an EU country will need a license from a national regulator.
Operators will be permitted to serve the whole 27-country bloc from one location, and be held liable for loss of cryptocurrency assets from consumer digital wallets as a result of the license.
Before it can go into force, the agreement will require formal backing from EU member states and the European Parliament, likely in 2023 at the earliest.