Italy allows Binance to offer crypto products in the country. This comes after Binance recently got regulatory approval in Dubai, Bahrain, and Abu Dhabi for operations. This is great news for the exchange because, until a few months back, they were struggling to get regulatory approvals. The CEO of Binance said, “Clear and effective regulation is essential for mainstream adoption of cryptocurrencies,” after getting regulatory approval in Italy.
Binance can legally operate in Italy
Italy’s financial regulator has approved Binance as a cryptocurrency service provider in the country. They have been registered under the OAM (Organismo Agenti e Mediatori), which is required by Italy’s legislation for crypto. After this registration, Binance can legally operate in the country. It also makes it clear for other exchanges what to do if they want to provide services in Italy.
Italy has taken quite a positive approach to crypto with the regulatory approval of Binance, as they are the largest crypto exchange globally. It also shows that the UAE is not alone in adopting cryptocurrencies and supporting exchanges.
Crypto adoption in Italy
Italy is one of the major economies in Europe, and it has seen a significant increase in the crypto adoption levels in the past few years. In 2018, a Statista report showed that only 8% of Italians owned crypto, a pretty low number. And now the same survey was conducted again in 2021 by Finder, and it showed that nearly 21% of Italians owned crypto. The total number of participants was 1,504, which is a decent sample size for the survey. However, we must also consider that crypto adoption has grown worldwide since 2018.
Italy ranked 10th among 27 countries in terms of the adoption of crypto. The survey by Finder also showed that Bitcoin is the most popular in Italy, followed by XRP, BCH, ETH, and LTC. The gender difference in crypto adoption in Italy is also comparatively low, with 23% of males and 18% of females owning crypto.
Another survey from Chainalysis reported that Italy is in the 7th spot in terms of crypto activities among European nations.
What are your thoughts as Italy allows Binance to offer crypto products? And do you think that more European countries will soon bring transparent regulations for crypto exchnages? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
Also Read: Analysts say bear cycles are necessary for healthy markets.
