Global crypto exchange LBank has registered as a virtual asset provider with the Italian regulator Organismo degli Agenti e dei Mediatori (OAM). The regulatory approval allows the exchange to offer Italian users a range of services and products.
On Feb. 1, 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 recently gaining regulatory approval in Italy. After the official register of cryptocurrency traders was opened by the regulatory body on 18 May 2022, the world’s largest crypto exchange, Binance, secured a spot just nine days later. Other key industry players like Coinbase, Crypto.com, Bitstamp and BitMEX have also signed on since.
Eric He, co-founder and chairman of LBank, said:
“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.”
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 like LBank. Bank of Italy Governor Ignazio Visco shared in a speech on Feb. 4 that regulators in Italy are preparing a supervisory environment in anticipation of future European Union crypto laws. Visco also added that the central bank found about 2% of Italian households hold “modest amounts” of crypto.