Italy authorizes the cryptocurrency lender Nexo to legally provide its services to Italian people.
Nexo, a cryptocurrency lender, has obtained registration as a “virtual currency operator” in Italy, the business said today. This permits the European company to legitimately offer its services to Italians.
Organismo Agenti e Mediatori, which oversees the country’s listings of licensed financial agents and credit brokers, issues the license.
Nexo’s co-founder and managing partner, Antoni Trenchev, said in a statement, “This registration in Italy is part of our master strategy to increase our footprint in the nation and boost our compliance throughout Europe.”
The European Union is preparing to enact a set of crypto-asset legislation that will enable enterprises to use their license throughout the bloc’s 27 member states. According to the announcement, Nexo intends to take advantage of this per the Markets in Crypto Assets legislation. The new regulations are projected to take effect in 2024.
The Nexo website displays registrations from several U.S. states and six other nations.
This year, Binance, Coinbase, and Crypto.com have all received clearance from Italy’s OAM. Registration with the OAM’s Registry is essential for all Virtual Asset Service Providers as of February 18, 2022.
Also Read: Bitcoin is on the path to irrelevance, according to the European Central Bank