Press release
PRESS RELEASE. Global crypto exchange LBank has registered as a virtual asset provider with Italian regulator Organismo degli Agenti e dei Mediatori (OAM). The regulatory approval allows the exchange to offer a range of services and products to Italian users.
On February 1, 2023, LBank completed its registration before the OAM as a provider of virtual assets, as required by Italian legislation on crypto assets. The global crypto exchange with over 9 million users will now be able to offer services and products to Italian merchants. The regulatory go-ahead also allows LBank to open offices in Italy and expand its team.
By registering with the OAM, LBank joins a growing list of cryptocurrency exchanges that recently gained regulatory approval in Italy. After the regulatory body opened the official registry of cryptocurrency traders on May 18, 2022The world’s largest cryptocurrency exchange Binance secured a spot only 9 days later. Other key industry players like Coinbase, Crypto.com, Bitstamp, and BitMEX have since signed on as well.
“We appreciate the efforts of the Ministry of Economy and Finance and the OAM to define and enforce industry standards in Italy to operate with full transparency. Which is an essential part of enforcing anti-money laundering regulations and driving the widespread adoption of digital assets. This registration serves as an important milestone in our journey to gain regulatory approval from jurisdictions around the world,” said Eric He, Co-Founder and Chairman of LBank.
LBank’s registration comes at a crucial time as European regulators prepare for the upcoming Markets in Crypto Assets (MiCA) regulatory framework. MiCA will define the requirements for crypto issuers and service providers such as exchanges like LBank. The Governor of the Bank of Italy, Ignazio Visco, shared in a speech on February 4 that regulators in Italy are preparing a supervisory environment in anticipation of future EU crypto laws. Visco also added that the central bank found that around 2% of Italian households hold “modest amounts” of cryptocurrency.
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