Press launch
PRESS RELEASE. Global crypto exchange LBank has secured a digital asset provider registration with Italian Regulator Organismo degli Agenti e dei Mediatori (OAM). This authorization allows the trading of a variety of products and services for Italian customers.
On February 1, 2023 LBank accomplished its registration application with OAM. This was ahead of the implementation of the Italian laws on crypto assets. As a result, over 9,000,000 customers now have access to international cryptocurrency services and products for Italian retailers. Furthermore, L Bank is now permitted to proceed with regulatory approval to open offices in Italy and increase the amount of its personnel.
By registering with the OAM, LBank has joined a growing list of cryptocurrency exchanges that have been recently given the green light by Italian regulators. The official registry of cryptocurrency brokers was opened by the regulatory body on May 18, 2022 and the world’s largest cryptocurrency exchange Binance secured a spot only 9 days later. Other key industry players such as Coinbase, Crypto.com, Bitstamp and BitMEX have also signed up since then.
“We appreciate the efforts of the Ministry of Economy and Finance and the OAM to define and impose industry standards in Italy to operate with complete transparency – which is an essential part of enforcing anti-money laundering regulations and driving the mass adoption of digital assets. This registration serves as a significant milestone in our mission to gain regulatory approval from jurisdictions across the world,” said Eric He, Co-Founder Chairman of LBank.
The registration of LBank as an individual marks an important step in the right direction in Europe. Regulators are currently assembling the MiCA regulatory framework to provide details on the requirements for cryptocurrency issuers and service providers such as LBank. The Governor of the Bank of Italy, Ignazio Visco, shared in a speech on February 4 that regulators in Italy are preparing a supervision environment in anticipation of future EU crypto laws. Visco mentioned that roughly 2% of all Italian households hold “modest amounts” of cryptocurrency.
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