Italy's fintech company, Conio, has partnered with Coinbase to boost its presence in the country's digital asset market, particularly for banks and financial institutions. Conio, partly owned by Poste Italiane and Banca Generali, has incorporated Coinbase Prime as its liquidity provider.
According to a statement sent to Finance Magnates, this agreement includes a plan to support up to 50 tokens on Conio's app by the end of the year. Additionally, Conio will launch a project to extend custody technology to blockchains like Ethereum, Polygon, and Avalanche.
Conio Adapts to Europe's Crypto Rules
Merone, the General Manager at Conio, mentioned: "Our goal is to become the most reliable partner for banks, financial institutions, and companies looking to enter the world of digital assets. Thanks to this new agreement, Conio can provide them with a fast and secure on-ramp."
This move amplifies Conio's offerings through access to a broader range of digital assets by institutional investors. The firm has over 400,000 clients, including private individuals and financial institutions. The latest integration provides an on-ramp service to meet the escalating demand for digital assets in Italy, the company explained.
The European Union's approval of the Markets in Crypto-Assets (MiCA) regulation marked an important moment in Italy's crypto landscape. Following the endorsement of the regulation by the European Parliament in April, this legislation established a unified framework for the fast-growing crypto sector in Europe.
MiCA aims to protect European consumers while prioritizing environmental sustainability within the crypto industry. Under its provisions, digital asset exchanges and crypto wallet providers are mandated to secure operational licenses in the region.
Italy's Growing Crypto Market
Moreover, stablecoin issuers are required to maintain adequate reserves, strengthening the stability of the market. This new regulation has contributed to an increase in the number of crypto firms setting up operations in Italy. Last year, the crypto exchange Zonda received the approval to offer a diverse range of digital assets in the country following similar authorization in Canada and Estonia.
Zonda's entry into Italy occurred at a time when Binance, another prominent player in the crypto space, received approval from Italy's regulatory body. Besides that, BitMEX recently attained regulatory approval and registration as a virtual currency and digital wallet services provider in Italy through the Organismo Agenti e Mediatori.
Following Italy's Ministry of Economy and Finance's directive, BitMEX's registration aligned with the country's policy requiring cryptocurrency service providers to undergo registration and maintain a local physical subsidiary, alongside adherence to anti-money laundering provisions.
This article was written by Jared Kirui at www.financemagnates.com.
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