BitGo Receives Regulatory Approval from Italy

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More digital assets custody providers have won approval from the Italian financial regulator, the Organismo Agenti e Mediatori (OAM), to serve customers in Italy.  BitGo is another one.

According to documents from the Italian regulator, as seen on Tuesday, July 19, BitGo has been registered as a cryptocurrency service provider by the regulator, therefore cleared to offer digital wallet services to Italian customers in compliance with Italian laws.

As per the documents, the company’s German branch, BitGo Deutschland GmbH, was registered to provide crypto products in Italy on July 15.

This means that BitGo has met requirements from the Organismo Agenti e Mediatori (OAM), which oversees the activities of financial and brokerage firms in Italy and implements anti-money laundering controls.

BitGo is also licensed to offer services in South Dakota, New York, Switzerland, and Germany. The company disclosed that its applications to serve in a couple of other jurisdictions are still pending.

Others Expanding into Italian Market

BitGo’s entrance into the European nation follows a trend of other global cryptocurrency firms gaining approvals to operate in Italy.

On Tuesday, Crypto.com gained regulatory approval in Italy as part of its efforts to continue its expansion to new regions. The approval allowed the firm to provide a suite of products and services to Italian clients, open offices, and expand its national team.

Likewise, Coinbase was granted approval by the Italian regulator to operate as a crypto assets service provider in the country on Monday. The regulatory approval enabled Coinbase to continue providing crypto services in Italy and to bring new products to the market.

Also, the Organismo Agenti e Mediatori registered crypto exchanges such as Binance, Kraken, Bitpanda, and brokerage Trade Republic to operate in the country.

In light of the market’s rapid growth, the financial regulator recently introduced new requirements that mandate all crypto firms to meet the criteria before continuing to offer services in Italy.

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