MILAN - German investment platform Trade Republic said on Tuesday it had registered last week as a cryptocurrency operator in Italy after it started offering its services in the country last December.
In an effort to protect savers, Italy's economy ministry in February created a special registry with brokerage regulator Organismo degli Agenti e dei Mediatori (OAM) to list all cryptocurrency operators with a stable presence provided they meet certain requirements.
Financial watchdogs across the world are grappling with how to regulate the crypto market, for which rules are patchy. Key issues on regulators' agendas include consumer protection, threats to financial stability and illicit usage of digital coins.
Trade Republic, which has been cleared by Italy's market regulator Consob, also offers investments in shares, derivatives and exchange-traded funds, and recently launched crypto services in Spain.
The Italian arm of Binance, one of the biggest cryptocurrency exchanges, registered in Italy in May.
On Monday, U.S. crypto exchange Coinbase Global Inc said it had met the requirements to list on the OAM registry to serve customers in Italy.
OAM oversees financial agents and credit brokers in Italy and implements anti-money laundering controls.
(Reporting by Federico Maccioni and Valentina Za; editing by Cristina Carlevaro and Bernadette Baum)