(Reuters) -The Italian government has given the big U.S. cryptocurrency exchange, Coinbase (NASDAQ:COIN), Global Inc, the green light to keep serving customers there, the company said in a blog post on Monday.
Coinbase said it had met the requirements of the Organismo Agenti e Mediatori (OAM), which is in charge of regulating financial agents and credit brokers in Italy and putting controls in place to stop money laundering.
Financial regulators all over the world are trying to figure out how to control the crypto market, which still has a lot of different rules. Consumer protection, threats to the stability of the financial system, and the illegal use of digital coins are some of the most important issues for regulators.
In the European Union, companies that want to make and sell digital tokens will need a licence and customer protection, according to new rules that the EU agreed on this month.
On its website, the OAM says it can get information from crypto firms about their clients and operations and share it with anti-mafia and anti-terrorism investigators in Italy.
Nana Murugesan, Coinbase’s vice president for international and business development, said on the company’s blog that the company is working to strengthen its presence in Europe. “Our goal is to get more customers by launching the Coinbase suite of retail, institutional, and ecosystem products.”
Binance, a competitor to Coinbase and the largest exchange in the world, said in May that it had signed up with the OAM.
