Crypto lender Nexo has gained a registration as a “virtual currency operator” in Italy, the company said in an announcement today. This allows the European-based firm to legally provide its services to Italian citizens.
The license is issued by Organismo Agenti e Mediatori, which manages the country's lists of registered financial agents and credit brokers.
“This registration in Italy is part of our master plan to strengthen our presence in the country and improve the robustness of our compliance across Europe,” said Antoni Trenchev, co-founder and managing partner of Nexo, in a statement.
The European Union is set to pass a set of laws on crypto assets that will allow firms to passport their license across the 27-nation bloc. Nexo plans to take advantage of this under the Markets in Crypto Assets regulation, according to the statement. The new rules are anticipated to come into force in 2024.
Nexo’s website shows registrations in several U.S. states and six other countries.
Crypto exchanges Binance, Coinbase and Crypto.com have all seen approval from Italy's OAM this year. As of February 18, 2022, Registration with the OAM’s Registry is considered mandatory for all Virtual Asset Service Providers (VASPs).
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