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The number of crypto firms getting operational licenses in Italy is on the rise, begging the question, whether regulatory requirements in the country are not as stiff as it should be.
Denmark-based cryptocurrency exchange Coinify is now approved to do business within the shores of Italy. This follows after it duly fulfilled its regulatory requirements with the Italian financial regulator Organismo Agenti e Mediatori (OAM) on Aug. 12.
Coinify Keen on Global Expansion
The latest move by Coinify to get a license in Italy signals its aim of expanding its footprints across the globe. And Italy, being the latest to give the firm a nod of approval, means that the Danish digital asset brokerage may now carry out its crypto offerings and payment services in at least 180 countries and regions of the world.
Recall, however, that Coinify was acquired by Voyager Digital about a year ago. The now-bankrupt crypto lender acquired Coinify in an $84 million deal, aiming to boost the firm’s crypto payments services.
Is Italy Going Soft on Crypto?
Recently, the number of crypto firms getting operational licenses in Italy is on the rise. And this begs the question, whether regulatory requirements in the country are not as stiff as should be.
For what it’s worth though, Italy’s open-mindedness about crypto should not be mistaken for an outright soft regulatory stance. The country has only indicated its readiness to adopt blockchain technology. But nevertheless, it still has one of the highest crypto taxes on record. And just like every other region, Italy continues to strive to accurately classify cryptocurrencies so as to come up with a clear regulation.
As part of its efforts to embrace blockchain and bolster its adoption, Italy’s Ministry of Economic Development revealed in July that it would offer up to $46 million in subsidies for blockchain-focused startup projects.
With these offers and a seemingly crypto-friendly environment, it is understandable why crypto firms are pouring into Italy to secure operational licenses.
Binance, arguably the world’s biggest cryptocurrency exchange, registered in Italy in May. Crypto.com is one of the most recent approvals, however, registering with the OAM just last month. Coinspeaker also reported towards the tail end of July that Bitstamp is now approved to operate in Italy.