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Gemini and Nexo have joined crypto exchanges Coinbase, Binance, and Crypto.com in getting regulatory approval from Italy’s Organismo Agenti e Mediatori (OAM).
KEY TAKEAWAYS
- Both Nexo and Gemini can now offer virtual asset services to Italian citizens.
- Nexo also plans to use expected EU laws on crypto to passport their license across member states.
- Besides Italy, Gemini has also received registration approval in Greece.
In Italy registration with the OAM’s Registry is considered mandatory for all Virtual Asset Service Providers (VASPs) looking to offer services to Italian citizens. The OAM is the one that manages the country’s list of registered financial agents and credit brokers.
Being a European-based firm, Nexo plans to legally issue cryptocurrency lending services to Italian citizens as it expands its services across EU member states.
In a statement after getting the regulatory approval, the co-founder and managing partner of Nexo, Antoni Trenchev, said:
“This registration in Italy is part of our master plan to strengthen our presence in the country and improve the robustness of our compliance across Europe.”
Gemini gets registered in Italy and Greece
Gemini has landed regulatory approval in both Italy and Greece as it aims to get closer to becoming a global crypto company.
In July 2019, the New York Department of Financial Services (NYDFS) gave an opinion letter after Gemini applied for a BitLicense saying that “Gemini does not meet the definition of a virtual currency business as defined by Section 225(c)(1)(B)(iii) of the Federal Reserve Act.” this is because according to the department, Gemini “does not engage in activities that involve exchanging cash or other instruments for virtual currency; instead, they only serve as a payment processor with no other role within their operations.”
Both Gemini and Nexo aim at tapping into one of the largest regions for cryptocurrency and blockchain products by gaining access to the European market.
Besides, the European Union is set to pass crypto laws that will enable crypto companies to passport their license across the 27 member countries.
