LBank Gets Virtual Asset Provider Registration in Italy

LBank, a global cryptocurrency exchange, has registered with the Italian regulator Organismo degli Agenti e dei Mediatori (OAM) as a Virtual Asset Provider. With the regulatory clearance, the exchange may now provide a variety of services and goods to Italian consumers.

LBank completed its registration with the OAM as a Virtual Asset Provider on February 1, 2023, as required by Italian crypto asset legislation. The worldwide cryptocurrency exchange with over 9 million members may now provide services and goods to Italian merchants. The regulatory approval also permits LBank to create offices and grow its workforce in Italy.

The registration of LBank comes at a critical juncture in European authorities’ preparations for the impending Markets in Crypto Assets (MiCA) regulatory framework. MiCA will establish standards for cryptocurrency issuers and service providers such as LBank exchanges.

LBank joins a growing list of crypto exchanges that have just received regulatory permission in Italy by registering with the OAM. After the regulatory agency opened the official registry of cryptocurrency traders on 18 May 2022, the world’s largest crypto exchange Binance gained a seat just 9 days later. Since then, important industry heavyweights including as Coinbase, Crypto.com, Bitstamp, and BitMEX have joined.

Eric He, co-founder and chairman of LBank, said:

“We appreciate the efforts of the Ministry of Economy and Finance and the OAM in defining and enforcing industry standards in Italy to operate with full transparency. Which is an essential part of enforcing anti-money laundering rules and driving mainstream adoption of digital assets. This registration serves as a significant milestone in our journey to gain regulatory approval from jurisdictions around the globe.”