Paysafe has received registration as a Virtual Asset Services Provider (VASP) in Italy with the Organismo Agenti e Mediatori (OAM).
The registration is a requirement in Italy after the OAM introduced it for all companies that offer crypto trading, custody or any other service. This is in light of the rapid growth of the virtual asset market.
It means that Paysafe will be able to offer its eCash solutions in the country, along with its open banking and wallet as a service embedded payment solutions. These offerings support crypto exchanges enabling customers a ‘compliant and effective payment service’.
In addition, Paysafe will make its digital wallets, Skril and NETELLER, compatible with more than 40 cryptocurrencies for consumers to buy and sell.
The recent VASP registration in Italy follows Paysafe’s crypto registration from the UK’s Financial Conduct Authority (FCA), becoming one of the first companies in the country to achieve this at the end of 2021.
“As part of our commitment to providing secure, fast and compliant services to our merchants and consumers, we continue to invest in our regulatory capabilities,” commented Chirag Patel, CEO of Digital Wallets at Paysafe.
“Evolving regulatory frameworks are key to supporting our customers globally as the virtual asset class matures and adoption grows. We are proud of our new VASP-registered status in Italy which has long been an important market for us.”