Crypto Exchanges Nexo and Gemini Expand to Italy, Register With Regulator

Crypto service providers Nexo and Gemini have been approved for registration with an Italian regulator, allowing the platforms to serve customers in the country.

It is mandatory for crypto firms to be approved for registration via a local legal entity with the Organismo Agenti e Mediatori (OAM), which maintains lists of financial agents operating in the country. Registration with OAM means the two platforms will be subject to the country's anti-money laundering requirements.

Crypto exchanges like Binance, Coinbase and Coinify have been approved for registration since the list was set up in May this year, although a recent investigation by CoinDesk found the companies in the registry – which now has 80 approved firms – may not be subject to any anti-money laundering checks until next year.

Gemini now operates in 65 countries and was also recently registered as a custodial wallet provider and provider of exchange services between virtual and fiat currencies with Greece’s Hellenic Capital Markets Commission, the firm said on Wednesday.

Nexo already boasts more than 50 licenses worldwide, the company said in a statement to the press. With the OAM registration, Nexo plans on offering Italian customers "transfers, issuance and exchange of virtual currencies, and digital wallet services."

The registration also offers Nexo "greater flexibility and robustness in its compliance across the European market," the statement said.

The European Union this year finalized the legal text for its bloc-wide crypto regulatory framework which will set up a passportable licensing system for companies looking to serve its 27 member states. The framework, called Markets in Crypto Assets (MiCA), is set to come into effect in 2024.

Gemini was added to the OAM registry on Nov. 4 while Nexo was registered on Oct. 28.

Read more: EU Delays Vote on MiCA Crypto Legislation Until February