Nexo Secures License To Operate In Italy

Nexo, a crypto lender, said today that it had been registered as a virtual currency operator in Italy. This enables the European-based company to provide services to Italian residents lawfully.

Organismo Agenti e Mediatori (OAM), the regulatory organization in charge of the country’s licensed financial agents and credit brokers, issued the license.

Nexo joins the ranks of other Virtual Asset Service Providers (VASPs) like Binance, Coinbase, and Crypto.com in obtaining obligatory permission from Italy‘s OAM in 2022.

Nexo co-founder and managing partner Antoni Trenchev expressed his delight at the new breakthrough. He 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. In this respect, we aim to lead by example with our top-tier regulatory and compliance infrastructure and by actively participating in the establishment of a functional, useful, and beneficial regulatory framework for crypto.”

Nexo’s website lists registrations from numerous states in the United States as well as six other countries.

The European Union is likely to enact legislation on crypto assets that would allow companies to passport their license across the 27-nation union. According to the statement, Nexo intends to take advantage of this under the Markets in Crypto Assets (MiCA) rules. The new restrictions are expected to go into effect in 2024.

Gemini is also the most recent exchange to receive an OAM license.

Nexo is the world’s most advanced, regulated digital assets institution offering quick fiat on-ramps for 40+ cryptocurrencies, industry-leading earn rates on assets, intuitive crypto exchange, instant crypto credit lines, and the world’s first crypto-backed credit card.

The company’s mission is to maximize the value and utility of cryptocurrencies. We help 5+ million users in 200+ jurisdictions grow their crypto wealth through their comprehensive​​ product suite.

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Harold

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