One of the major crypto exchanges, CryptoCom, has been granted permission by the Italian financial regulator OAM to start services. This will enable the Singapore-based firm to offer crypto trade and exchange services to Italian investors. However, CryptoCom is facing financial difficulties.
In Italy, firms related to the crypto segment are being given opportunities to start business. of CryptoPotato Report Kris Marszalek, Co-Founder and CEO of CryptoCom, was quoted as saying, “We are excited to register in Italy and see this as a big step forward. We offer a range of products and services to our customers. Will continue to work closely with the regulators to introduce a larger range.” About two months back, the firm had laid off some employees to strengthen its financial position.
CryptoCom is not the only blockchain firm that has entered the Italian market in recent months. Earlier this week, American crypto exchange Coinbase was approved by OAM for business in Italy. Earlier, Binance was also allowed to provide services. Italy’s Ministry of Economic Development plans to provide about $46 million in subsidies for new projects involving artificial intelligence (AI), blockchain and Internet of Things (IoT) technologies. Being part of the European Union, Italy may be affected by the regulations made by the EU Parliament.
The EU recently announced that all those issuing and selling digital tokens in its jurisdiction crypto Firms have to obtain a license from a regulator. With this, these firms will be able to do business in the 27 countries included in the EU. However, these firms will also be held responsible for cases such as theft of crypto assets from customers’ digital wallets. Earlier, some EU regulators have expressed apprehensions about the crypto segment. These regulators said that those investing in cryptocurrencies should be prepared to take losses. In the last few months, due to the increase in scams in the crypto segment, regulators in many countries have insisted on increasing the scrutiny of this segment.