Coinbase said it had met requirements from the Organismo Agenti
e Mediatori (OAM), which oversees financial agents and credit
brokers in Italy and implements anti-money laundering controls.
Financial watchdogs across the world are grappling with how to
regulate the crypto market, which remains subject to patchy
rules. Consumer protection, threats to financial stability and
illicit usage of digital coins are among the top issues on
regulators' agendas.
Under groundbreaking new rules agreed this month by the European
Union, crypto companies will need a licence and customer
safeguards to issue and sell digital tokens in the bloc.
The OAM says on its website it can collect and share with
anti-mafia and anti-terrorism investigators in Italy data
provided by crypto firms on their clients and operations.
"We are in the process of strengthening our presence across
Europe," Nana Murugesan, Coinbase's vice president for
international and business development, said on the blog. "Our
goal is to grow our customer base by launching the Coinbase
suite of retail, institutional, and ecosystem products."
Coinbase rival Binance, the world's largest exchange, said in
May it had registered with the OAM.
(Reporting by Akriti Sharma in Bengaluru and Tom Wilson in
London; Editing by Rashmi Aich and Emelia Sithole-Matarise)
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