LBank Secures Virtual Asset Provider Registration to Operate in Italy
INTERNET CITY, British Virgin Islands, 10th February, 2023, Chainwire
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 the 1st of February 2023, LBank completed its registration with the OAM as a Virtual Asset Provider, 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 traders. The regulatory nod also allows LBank to open offices in Italy and expand its team.
By registering with the OAM, LBank joins a growing line-up of crypto exchanges who recently gained regulatory approval in Italy. After the official register of cryptocurrency traders was opened by the regulatory body on 18 May 2022, world’s largest crypto exchange Binance secured a spot just 9 days later. Other key industry players like Coinbase, Crypto.com, Bitstamp and BitMEX have also signed on since.
“We appreciate the efforts of the Ministry of Economy and Finance and the OAM in defining and enforcing industry standards in Italy to operate with full transparency. Which is an essential part of enforcing anti-money laundering rules and driving mainstream adoption of digital assets. This registration serves as a significant milestone in our journey to gain regulatory approval from jurisdictions around the globe,” 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 requirements for crypto issuers and service providers, such as exchanges like LBank. Bank of Italy Governor Ignazio Visco shared in a speech on the 4th of February 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 about 2% of Italian households hold “modest amounts” of crypto.