Luxembourg-based crypto exchange Bitstamp wins Italian approval

The move is part of Bitstamp's plans to expand its services across Europe

Bitstamp crypto exchange                                 
Bitstamp is currently available in more than 100 countries with four million users worldwide – Photo: Shutterstock
                                

Luxembourg-based crypto exchange Bitstamp has won the approval of Italian regulators after it was granted permission to operate in the country.

Bitstamp registered with Italian financial regulator Organismo Agenti e Mediatori (OAM) on 21 July, according to OAM’s website, which also confirms that Bitstamp’s offices will be located in Milan.

Bitstamp CEO Jean-Baptiste Graftieaux confirmed the news, saying that the move is part of the firm's global plans “to offer services across Europe and around the world”, reported CoinDesk.

Graftieaux added: “Italy is among the most important markets in Europe, and we are thrilled to provide its citizens with a safe and secure way to trade cryptocurrencies.”

New focus on Italy

Cryptocurrencies and crypto-related services continue to gain mainstream adoption across Italy. Last week, Crypto.com announced that it received regulatory approval from Italy’s OAM as part of its plans to boost its European presence for its 50 million global users.

Kris Marszalek, CEO of Crypto.com, said: “We are excited to receive this registration in Italy and view it as a major step forward for Crypto.com. We are committed to building lasting growth in the region and will continue working with regulators to deliver a wide range of products and services to our valued customers.”

Binance took a similar approach earlier this year after it won approval in May from Italian regulators to expand into the region and strengthen its presence by opening offices and expanding its local team. 

Changpeng Zhao, CEO of Binance, said: “Clear and effective regulation is essential for mainstream adoption of cryptocurrencies. Binance has always put its users first and, with actions such as the implementation of the register, they can be confident that our platform is among the safest and most trustworthy in the world.”

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