LBank Secures Virtual Asset Provider Registration to Operate in Italy

PRESS RELEASE. Global crypto speech LBank has registered arsenic a Virtual Asset Provider with Italian regulator Organismo degli Agenti e dei Mediatori (OAM). The regulatory support allows the speech to connection a scope of services and products to Italian users.

On the 1st of February 2023, LBank completed its registration with the OAM arsenic a Virtual Asset Provider, arsenic required by Italian authorities connected crypto assets. The planetary crypto speech with implicit 9 cardinal users volition present beryllium capable to connection services and products to Italian traders. The regulatory motion besides allows LBank to unfastened offices successful Italy and grow its team.

By registering with the OAM, LBank joins a increasing line-up of crypto exchanges who precocious gained regulatory support successful Italy. After the authoritative registry of cryptocurrency traders was opened by the regulatory assemblage on 18 May 2022, world’s largest crypto speech Binance secured a spot just 9 days later. Other cardinal manufacture players similar Coinbase, Crypto.com, Bitstamp and BitMEX person besides signed connected since.

“We admit the efforts of the Ministry of Economy and Finance and the OAM successful defining and enforcing manufacture standards successful Italy to run with afloat transparency. Which is an indispensable portion of enforcing anti-money laundering rules and driving mainstream adoption of integer assets. This registration serves arsenic a important milestone successful our travel to summation regulatory support from jurisdictions astir the globe,” said Eric He, co-founder and president of LBank.

LBank’s registration comes astatine a important clip arsenic European regulators hole for the upcoming Markets successful Crypto Assets (MiCA) regulatory framework. MiCA volition specify requirements for crypto issuers and work providers, specified arsenic exchanges similar LBank. Bank of Italy Governor Ignazio Visco shared successful a speech connected the 4th of February that regulators successful Italy are preparing a supervisory situation successful anticipation of aboriginal EU crypto laws. Visco besides added that the cardinal slope recovered that astir 2% of Italian households clasp “modest amounts” of crypto.

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