Crypto lender Nexo has registered its business as a digital asset provider in Italy, following in the tracks of other crypto firms who joined a special registry with brokerage regulator Organismo degli Agenti e dei Mediatori (OAM).
The approval allows the company to offer a suite of products and services to Italian customers, as well as open offices and expand its team in the country.
Several crypto companies have recently secured clearance from OAM in response to newly updated regulations on crypto assets, including Nexo. The list also includes Binance, which received approval from the OAM in May to act as a crypto service provider. In addition, Coinbase has been approved by Italian regulators, and a day later, Crypto.com also got approval to distribute its products and services in the country. Additionally, Blockchain.com and Bitstamp had secured similar nodes.
The applicants are required to submit disclosures of a variety of data, including those relating to client identification and transactions on a quarterly basis. In case of non-compliance with the regulatory requirements, the operator may be subject to financial sanctions and its website may blocked by the internet providers.