Italy created a special register in February with its brokerage regulator to list cryptocurrency traders with a stable presence in the country, provided they meet certain requirements.
Blockchain.com said in a statement that it can now offer cryptocurrency services and digital wallets to Italian residents and institutional investors under the regulatory authority, known as OAM.
Major exchanges Binance and US-based Coinbase Global Inc, as well as Singapore-based Crypto.com and German investment platform Trade Republic, are among those that have already achieved OAM registration.
Regulators around the world are trying to find a way to align the cryptocurrency industry, which is subject to disparate rules. Consumer protection, threats to financial stability and the illicit use of digital currencies are on the agenda.
Cryptocurrency exchanges are looking to strengthen their foundations in Europe ahead of the groundbreaking cryptocurrency rules passed by the European Union last month.
Under these rules, which are expected to take effect after 2024, cryptocurrency companies will need a license and customer protection measures to stake and sell digital tokens in the EU.
“This registration strengthens our position in offering services across Europe,” said Blockchain.com.
The OAM supervises financial agents and credit intermediaries in Italy. It claims to be able to collect and share data provided by cryptocurrency companies about their clients and operations with anti-mafia and counter-terrorism investigators in Italy.