Gate Italy s.r.l., a subsidiary of cryptocurrency exchange Gate Group, has announced its registration as a Virtual Asset Service Provider (VASP) with the Italian regulatory agency Organismo Agenti e Mediatori (OAM).
The registration would allow the company to offer Italian users virtual asset transaction and management services that comply with local laws, regulations, and anti-money laundering requirements. Gate Italy is now authorized to offer several business services in Italy, including facilitating the use and exchange of virtual currencies, converting them from or into legal tender currencies or digital representations of value, providing virtual currency transfer and clearing services, offering digital wallet services, and any other services related to the acquisition, trading, or intermediation in the exchange of virtual currencies.
Though the VASP registration is currently limited to Italy, Gate Italy revealed that it plans to expand its services to other countries and regions.
Gate Group’s founder and CEO, Dr. Han Lin, stated that the company’s entry into the European market is a significant milestone and accomplishment in its global expansion, with a focus on compliance. The company plans to adhere to even more stringent regulatory standards to ensure greater protection of user assets and enhance its compliance capabilities.
Dr. Lin emphasized that the company will continue to prioritize investment in compliance and supervision to deliver safer and more dependable virtual asset transaction services to its users.
This announcement comes after the company revealed its plans to launch a new platform in Hong Kong called Gate HK in response to the local government’s proposed capital injection of HKD 50 million ($6.4 million) into Web3, which was included in the city’s 2023-2024 budget. DeFi Planet reported in February 2023 that Gate Group intends to apply for a cryptocurrency license in Hong Kong to establish Gate HK in the city.
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