US crypto exchange Coinbase wins regulatory approval in Italy

The logo of Coinbase Global Inc., the largest US cryptocurrency exchange, is displayed on the Nasdaq Marketsite Jumbotron and others in Times Square in New York, US on April 14, 2021. REUTERS/Shannon Stapleton

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July 18 (Reuters) – Major US crypto exchange Coinbase Global Inc (COIN.O) has received approval from Italian regulators to continue serving customers in Italy, it said in a blog on Monday.

Coinbase said it has met the requirements of Organismo Agenti e Mediatori (OAM), which oversees financial agents and credit brokers in Italy and enforces money laundering controls.

Financial watchdogs around the world are grappling with how to regulate the crypto market, which is still subject to complicated regulations. Consumer protection, threats to financial stability and illegal use of digital coins are among the top issues on the agenda of regulators.

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Under new rules agreed this month by the European Union, crypto companies will be required to have licenses and customer safeguards to issue and sell digital tokens in blocks. read more

OAM says that on its website it may collect and share data provided by crypto firms on their customers and operations with anti-mafia and counter-terrorism investigators in Italy.

“We are in the process of strengthening our presence across Europe,” Nana Murugesan, Coinbase’s vice president of international and business development, said on the blog. “We aim to grow our customer base by launching the Coinbase suite of retail, institutional and ecosystem products.”

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Coinbase rival Binance, the world’s largest exchange, said in May that it had registered with OAM. read more

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Reporting by Aakriti Sharma in Bengaluru and Tom Wilson in London; Editing by Rashmi Aich and Amelia Sithol-Mataris

Our Standards: Thomson Reuters Trust Principles.

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