Gate Group Licensed as a VASP in Italy, Furthers European Expansion

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May 03, 2023, 03:39 ET

MAJURO, Marshall Islands, May 3, 2023 /PRNewswire/ -- Gate Group, a leading cryptocurrency exchange, announces today that its Italian entity, Gate Italy s.r.l., has successfully registered as a Virtual Asset Service Provider (VASP) with the Italian regulatory agency Organismo Agenti e Mediatori (OAM).

According to the VASP registration, Gate Italy s.r.l. can provide the following business services in Italy:

Services functional to the use and exchange of virtual currencies and/or their conversion from or into legal tender currencies or digital representations of value, including those convertible into other virtual currencies.
Virtual currency transfer and clearing services.
Any other services functional to the acquisition, trading or intermediation in the exchange of virtual currencies virtual currencies.
Digital wallet services.

Gate Italy's VASP registration details are accessible through the OAM's Virtual Currency Operators Registry under the registration number PSV83.

Gate Italy s.r.l. has completed the Italian VASP registration, which means it can provide Italian users with safer, more convenient, and more professional virtual asset transaction and management services while complying with local laws and regulations and anti-money laundering requirements. Presently, the VASP registration of Gate Italy s.r.l. is only valid in Italy. However, the company will pursue expansion to provide services to more countries and regions in the future.

Dr. Han Lin, founder and CEO of Gate Group, said: "This is an important milestone for Gate Group to enter the European market and is also a remarkable achievement of our compliance-centric global expansion. Gate Group will follow stricter regulatory standards that further protect the security of user assets and strengthen our compliance capabilities. We will continue bolstering our investment in compliance and supervision to provide users with safer and more reliable virtual asset transaction services."

Gate Group has remained committed to providing users with more secure and reliable digital asset transaction services. Becoming a registered virtual asset service provider will further enhance Gate Italy s.r.l.'s compliance and regulatory capabilities. As the world's leading digital asset trading platform, Gate Group will continue to uphold its core value of customer-oriented service and continued pursuit of providing users with better digital asset services.

SOURCE Gate.io