ROME — Italy may be rubber-stamping crypto firms’ applications to operate in the country without running proper checks to make sure they are safe for investors.
This summer, a string of prominent crypto firms – including Coinbase, Binance and Crypto.com – announced they had secured regulatory approval to continue operating in Italy. In effect, the companies were entered into a registry set up to ensure companies were compliant with the country’s anti-money laundering standards.
The Organismo Agenti e Mediatori (OAM), a supervisory body in Italy that maintains lists of financial agents like credit mediators and money changers operating in the country, has indeed been busy. While regulators are usually criticized by the industry for delays in processing applications, Italy’s OAM has quickly added 73 crypto firms – including the ones listed above – to its new roster for virtual currency service providers, which only opened in May.
When Coinbase was added to the OAM register in July,...
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