Trade Republic, Crypto.com Register as Cryptocurrency Operators in Italy

July 21, 2022 Bitcoin.com

Crypto.com secures regulatory license in Italy

July 19, 2022 Coin Telegraph

The mobile-first cryptocurrency exchange recently received regulatory approvals to operate in Greece, Singapore and Dubai.

Digital asset exchange Crypto.com has received approval from Italian regulators to offer its services in the Mediterranean country — a move the company says aligns with its vision of “building lasting growth in the region.”

On Tuesday, Crypto.com announced that it had officially received registration and regulatory approval from Organismo Agenti e Mediatori, also known as OAM, Italy’s primary Anti-Money Laundering regulator. The approval effectively grants Crypto.com the ability to offer its products and services to Italian customers.

Buongiorno Italia

We’re proud to announce that https://t.co/vCNztATSCO has secured regulatory approval in Italy, from the Organismo Agenti e Mediatori (OAM).

Full details https://t.co/JNfY5DNBtA pic.twitter.com/os6HpjsE6f
— Crypto.com (@cryptocom) July 19, 2022

Crypto.com claims to have over 50 million customers around the world. In recent months, the exchange received regulatory licenses to operate in Greece, Singapore and Dubai.

Italy is the European Union’s third-largest market by gross domestic product, and crypto services providers are targeting the country for expansion. As reported by Cointelegraph, United States-based crypto exchange Coinbase recently secured OAM approval to begin operating in the Mediterranean country. In May, Binance was given the OAM green light to serve the Italian market.

Although Italy’s regulatory approach to crypto is far from uniform, the government has been keen to promote the adoption of blockchain technology. Earlier this month, Italy’s Ministry of Economic Development announced that some blockchain projects could qualify for up to $46 million in government subsidies.

Meanwhile, in June, Italy’s primary stock exchange, Borsa Italiana, listed a so-called “Bitcoin-thematic” exchange-traded fund, which provides BTC exposure to Italian institutional investors and retirement planners.

Coinbase Obtains Regulatory Approval to Provide Crypto Services in Italy

July 19, 2022 Bitcoin.com

Coinbase secures crypto asset service provider approval in Italy

July 18, 2022 Coin Telegraph

AML

Coinbase started providing its cryptocurrency services in Italy a while ago, offering Coinbase card services in the country as of June 2019.

The United States-based cryptocurrency exchange Coinbase continues aggressive European expansion by securing approval to offer crypto services in Italy.

Coinbase announced on July 18 that it has obtained the Crypto Asset Service Provider approval from the Italian Anti Money Laundering regulator, Organismo Agenti e Mediatori (OAM).

According to a post by Nana Murugesan, Coinbase’s vice president of international and business development, the approval will allow Coinbase to continue to offer crypto services and launch new products in Italy.

Coinbase started providing its cryptocurrency services in Italy quite a while ago. As previously reported, the exchange was offering Coinbase card services in Italy alongside countries like Spain and Germany as of June 2019.

Murugesan pointed out that Coinbase operates in nearly 40 European countries through dedicated hubs in the United Kingdom, Germany and Ireland.

“We are in the process of strengthening our presence across Europe and have registrations or license applications in progress in several major markets in compliance with local regulations,” Murugesan said in the announcement. He added that Coinbase’s goal is to grow its customer base by launching the Coinbase suite of retail, institutional and ecosystem services in each of those markets.

Coinbase is not the first crypto exchange to receive the OAM’s approval. In May 2022, the regulator granted approval to the Binance crypto exchange, allowing the firm to open its new headquarters in Milan.

The approval comes in line with Coinbase’s reinforced expansion efforts in Europe. The exchange announced in late June that it was actively working to expand in Europe due to the ongoing cryptocurrency winter. Murugesan said that the company is planning to register in multiple European countries, including Italy, Spain, France and the Netherlands.

Coinbase’s new European expansion plans came shortly after the company slashed its staff by 18% in mid-June, citing economic recession.

Italian government will provide $46 million in subsidies for blockchain projects

July 5, 2022 Coin Telegraph

Blockchain

All companies developing IoT, AI or blockchain technology will be eligible to apply for government subsidies provided the funds will be used in specific sectors, such as health.

The Ministry of Economic Development of Italy has announced that certain blockchain projects will qualify to apply for up to $46 million in government subsidies starting from September.

In a Tuesday announcement, the Ministry said companies and public or private research firms will be able to apply for funding from the government for the development of projects related to artificial intelligence, the Internet of Things and blockchain technology. The fund will have an initial budget of 45 million euros — roughly $46 million at the time of publication — for expenses and costs from 500 thousand (worth $512,150) to 2 million euros ($2,048,600) as part of the Italian government’s goals for investments in technology, research and innovation.

“We support companies' investments in cutting-edge technologies with the aim of encouraging the modernization of production systems through management models that are increasingly interconnected, efficient, secure and fast,” said Minister of Economic Development Giancarlo Giorgetti. “The goal of competitiveness requires the manufacturing industry to constantly innovate and use the potential of new technologies.”

Fondo sviluppo tecnologie e #intelligenzaArtificiale
Da #settembre imprese e centri di ricerca possono fare domanda per richiedere gli #incentivi per progetti su Transizione 4.0
“#Competitività richiede innovazione e nuove tecnologie” Giorgetti#blockchain https://t.co/zfru3tM39m
— MISE (@MISE_GOV) July 5, 2022

The government directive was made possible by a decree in December 2021 establishing criteria for using the fund and a subsequent one in June 2022 in which the Ministry set the terms and conditions for submitting applications. According to the decree, companies of any size will be eligible to apply for subsidies provided the funds will be used for IoT, AI or blockchain in sectors including industry and manufacturing, tourism, health, the environment and aerospace.

A member of the European Union, Italy would likely be affected by recent regulations agreed upon by the EU Parliament aiming to bring crypto issuers and service providers within its jurisdictional control under a single regulatory framework. The country’s securities regulator, the Italian Companies and Exchange Commission, or CONSOB, has previously warned residents about the possible risks of crypto investments, while the Organismo Agenti e Mediatori is largely responsible for granting regulatory approval for crypto service providers — in May, the regulator gave the green light to major crypto exchange Binance to open a branch in Italy.

‘Bitcoin-thematic’ ETF lists on Italian stock exchange Borsa Italiana

June 7, 2022 Coin Telegraph

Coin Telegraph

A Bitcoin-thematic ETF lists on the Borsa Italiana providing savers, institutions and pensions planners with exposure to Bitcoin.

The Italian Stock Exchange, Borsa Italiana, this morning listed a “Bitcoin (BTC)-thematic” exchange-traded fund (ETF) by Melanion Capital, bringing Bitcoin exposure to Italian institutions and retirement plans.

Cyril Sabbagh, managing director at Melanion Capital told Cointelegraph, "the Melanion BTC Equities Universe UCITS ETF is an equity ETF around stocks in the crypto ecosystem.” Sabbagh explained that the ETF would be “accessible to as many people as possible.”

“The Italian Stock Exchange (Borsa Italiana) has not accepted any ‘spot ETFs’ but welcomes our thematic ETF!”

Following the successful launch of a Bitcoin-thematic ETF in October 2021 on Euronext Paris, a Pan-European stock exchange, Melanion Capital targeted Italy for its ETF. Sabbagh explains:

“In Europe spot ETFs (exchange traded funds) are ETNs (exchange traded notes) or ETCs (exchange traded certificates) and as such carry counterparty risk and are not UCITS (the highest regulatory standard for a fund in Europe).”

The Bitcoin ETF also allows savers to gain exposure to Bitcoin in their retirement plans due to the UCTIS specification:

"Today, investors are frustrated that they cannot integrate a crypto allocation into their traditional investment envelopes. Indeed, investors will be able to integrate our ETF into their securities accounts, life insurance policies and even their retirement savings plans (this is already the case in France).”

Nicolas Bertrand, advisor and ambassador of the Global Blockchain Business Council, and a former board member of Borsa Italiana, told Cointelegraph that “Italian investors and traders showed early interest in trading Bitcoin and other digital assets.”

Despite sluggish price action and calls for a sub $20,000 Bitcoin, Bertrand highlights the interest in digital assets:

“From my position of adviser of a number of crypto exposed businesses and my direct contact to investors, I can confirm that there is a significant level of interest and that a number of firms are getting ready to embrace digital assets."

Plus in Italy, Bertrand shares that investor appetite for Bitcoin is robust, particularly prior to 2021, “Italy was in the top 10 globally in terms of volume of activity on Bitcoin and a number of trading venues have emerged offering direct access to these markets.”

Across the road from the Borsa Italiana, the world’s largest crypto exchange, Binance, will soon open an office, while th European Central Bank shared that cryptocurrency ownership in European households is thriving.

Binance gets approval to operate in Italy, will open office in Milan

May 30, 2022 Coin Telegraph

Binance

The cryptocurrency exchange's Italian branch will become its second European operation after obtaining a license in France.

One of the world’s biggest cryptocurrency exchanges, Binance, strengthened its European presence by obtaining registration and regulatory approval in Italy. A Binance company had previously registered to operate in France at the beginning of May.

On Friday, the exchange’s official blog reported that Binance Italy has received regulatory approval in the country through registration as a Cryptocurrency Service Provider with Organismo Agenti e Mediatori (OAM), as required by Italian legislation.

The registration allows Binance to offer crypto products to its customers in Italy in compliance with local regulations as well as to open offices and expand the local team. In his statement, Binance co-founder and CEO Changpeng “CZ” Zhao thanked Italy’s Ministry of Economy and Finance and the OAM for their efforts in “defining and controlling the necessary requirements to operate in Italy in full transparency.”

Binance ottiene la registrazione in Italia https://t.co/pNh2VzfcnP
— CZ Binance (@cz_binance) May 28, 2022

Speaking to Cointelegraph, a Binance representative specified that the company’s headquarters will open in Milan, which is considered a major business hub in Italy. Regarding where Binance plans to obtain a license next, the representative said:

“We are committed to obtaining relevant licenses and registrations everywhere we can.”

Before the announcements about operating licenses in France in Italy, Binance made a series of moves on the Middle Eastern market. In March, the exchange got the green light from regulators in Bahrain and Dubai, and in April the company obtained an in-principle approval to operate in Abu Dhabi.

In November 2021, CZ announced the launch of a $115 million (100 million euro) initiative called “Objective Moon” to develop the blockchain and crypto ecosystem in France and Europe.

Binance Obtains Regulatory Approval to Offer Crypto Products in Italy

May 30, 2022 Bitcoin.com

Bitcoin investment giant Grayscale debuts ETF in Europe

May 16, 2022 Coin Telegraph

Coin Telegraph

Grayscale announced its first European ETF, listing on the London Stock Exchange, Borsa Italiana and Deutsche Börse Xetra.

Crypto investment giant Grayscale is expanding operations by launching a new crypto-linked exchange-traded fund (ETF) in Europe.

Grayscale officially announced its first European ETF, called Grayscale Future of Finance UCITS ETF, on May 16.

The new investment product is getting listings on major European stock exchanges, including the London Stock Exchange, Borsa Italiana as well as Deutsche Börse’s electronic trading platform Xetra. Listed under the ticker symbol GFOF, the ETF will also be passported for sale across Europe.

An exciting milestone: Announcing our first European ETF, Grayscale Future of Finance UCITS ETF — listing on London Stock Exchange (LSE), Borsa Italiana, and Deutsche Börse Xetra.
https://t.co/kwmWSxvOiV
— Grayscale (@Grayscale) May 16, 2022

Launched in partnership with Bloomberg, GFOF UCITS ET tracks the performance of the Bloomberg Grayscale Future of Finance Index. Bloomberg and Grayscale jointly introduced the index in January 2022, aiming to track the digital economy, focusing on three main directions like technology, finance and digital assets.

According to the announcement, the new ETF includes companies directly involved in cryptocurrency mining, energy management and other activities in the digital asset ecosystem.

“Through GFOF UCITS ETF, European investors now have the opportunity to receive exposure to the companies that are pivotal to the evolution of the global financial system,” Grayscale’s global head of ETFs David LaValle said.

Grayscale also collaborated with Europe’s white-label issuer HANetf to create the new investment product. The issuer is known for cooperating on blockchain ETFs with companies like ETC Group.

Grayscale is one of the world’s largest Bitcoin (BTC) investment companies, providing the Grayscale Bitcoin BTC Trust (GBTC) with $18.3 billion in assets under management. Amid massive market volatility, GBTC recorded a significant decline, trading at a nearly 31% discount on May 13.

The firm has been aggressively pushing its Bitcoin spot ETF, with CEO Michael Sonnenshein claiming that Grayscale was gearing up for a legal fight with the United States Securities and Exchange Commission if its ETF is denied. The firm reportedly tried to persuade the SEC that turning the biggest BTC fund into an ETF would unlock $8 billion for investors.

The news comes amid the increasing adoption of crypto and industry-related ETFs worldwide, with total assets invested in crypto ETFs hitting $16.3 billion in Q1 2022.

21Shares, a major crypto ETF issuer in Europe, recently expanded its investment offering with a Layer 1 and decentralized finance (DeFi) infrastructure exchange-traded products (ETPs).

Listed on SIX Swiss Exchange on May 12, the 21Shares Crypto Layer 1 ETP (LAY1) offers investors exposure to the five largest blockchains in the DeFi industry. The 21Shares DeFi 10 Infrastructure ETP (DEFI) will list on the same exchange on 18 May.

Google Trends Study Shows SHIB Is the Most Popular Crypto in the UK

April 27, 2022 Bitcoin.com

Italy

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