Virtual Asset Service Providers (VASPs) operating in Italy are governed by the agents and mediators organization In Italy (OAM), overseeing the provision of services related to virtual currencies to Italian clients. The OAM is in charge of keeping the VASP register and must verify whether the requirements for registration are met. In contrast to the prevailing regulatory landscape in many Tier 1 EU countries, the licensing process for VASPs in Italy is characterized by a more lenient approach, friendly, easy to obtain and manage, deviating from stringent prerequisites typically associated with local crypto registrar registration. The focal point of regulatory compliance primarily revolves around adherence to the Italian Anti-Money Laundering (AML) framework and the obligatory quarterly reporting to the OAM. Importantly, the registration mandate extends beyond VASPs exclusively involved in managing exchange platforms or providing digital wallet services. It encompasses a broader spectrum, encompassing entities engaged in various activities of virtual currencies, as delineated by the pertinent Italian regulations.

Key Advantages:

• Italy ranks among the top 10 countries in the Eurozone, boasting a remarkably low percentage of unprofitable businesses in the commercial sector.
• Foreign entrepreneurs aspiring to establish a crypto-related business are recognized under Italian law as valuable contributors to the nation’s economy.
• The process of registering a company, relocating, and obtaining a residence permit is streamlined, taking only a few months to complete.
• The cost of labor in Italy is comparatively more economical than in several other European countries.
• Access to the cryptocurrency market through Italy is facilitated by a convenient and cost-effective entry card, providing service coverage across all European countries, including those designated as TIER1.

Get in touch with us to learn more about becoming a VASP in Italy