Registration in the register of the regulator Organismo Agenti e Mediatori, which maintains lists of all financial agents and credit brokers in Italy, is mandatory for working in the country.
The regulatory approval of crypto service provider Nexo as a virtual currency operator will allow the platform to legally provide its services to Italian citizens.
For regulators, Nexo’s registration with OAM means that the company’s operations comply with the country’s anti-money laundering requirements.
“The registration in Italy was part of a master plan to strengthen our presence in the local market, as well as confirm our compliance with European regulations,” says Nexo co-founder and managing partner Antoni Trenchev.
Recall that the European Union is going to adopt a series of laws on crypto assets (MiCA), which will ensure transparent cryptocurrency regulation in all EU countries.
Shortly after the collapse of the FTX exchange, European Central Bank (ECB) President Christine Lagarde called for the accelerated development of an additional set of MiCA 2 rules to more tightly regulate the activities of cryptocurrency companies.
Source: Bits
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