The world’s largest digital asset exchange has revealed that its Italian arm – Binance Italy – has received regulatory approval to serve as a cryptocurrency service provider on local soil. As required by national law, the entity has been registered with the “Organismo Agenti e Mediatori” (OAM).
Changpeng Zhao – CEO of the platform – thanked the Ministry of Economy and Finance and OAM for letting his organization launch such an initiative.
“Binance has always put its users first, and with actions like the registry implementation, they can be sure that our platform is among the safest and most trusted in the world.”
The European market in focus
Earlier this month, the French financial regulator – the Autorité des marchés financiers (AMF) – authorized Binance to register as a trading platform in the country.
As a Digital Asset Service Provider (DASP), Binance said it will provide cryptocurrency trading and custody services to local users.
It is worth mentioning that the exchange had some regulatory issues with several European lawmakers last summer. As a result, it stopped providing futures and derivatives products in Italy, Germany and the Netherlands. The move was part of the company’s longer-term strategy to “continually evaluate our products and work with our partners to meet our users’ needs.”
Germany would be the next target
A few weeks ago, the CEO revealed that Germany, Europe’s largest economy, would be the next country on the list.
“Germany is an important market. We are building a compliance team and want to apply for a license.”
Not long ago, a Coincub survey determined that Germany is the most crypto-friendly nation in the world. The company highlighted the country’s decision to allow investments in digital assets. This includes the intention of Sparkasse (Germany’s largest financial group) to offer crypto services to its nearly 50 million customers.
In addition, the German Ministry of Finance has made some changes to its cryptocurrency policies. Officials announced that the sale of bitcoin and ether will not be taxed if individuals hold these assets for more than 12 months.