Cryptocurrency exchange Gate.io announced that it has received a Virtual Asset Service Provider (VASP) license from the Italian regulator Organismo Agenti e Mediatori (OAM).
The new license will allow Gate.io Italy to offer its clients services related to the use and exchange of virtual currencies, as well as clearing.
Currently, the VASP license is only valid in Italy, but the exchange intends to expand its services to other countries and regions in the near future, according to the BlockchainReporter website.
"This is an important milestone for the company’s entry into the European market. It is also a significant achievement in their compliance-centric global expansion," said Han Lin, CEO of Gate Group.
"Gate Group will follow stricter regulatory standards that further protect the security of user assets and strengthen compliance capabilities," he emphasized.
We previously wrote that Gate.io had submitted a license application to the SFC.
The Gate.io exchange was founded in 2013 and offers its clients access to a broad range of cryptocurrencies and tokenized assets. Also, the platform is notable for very fast deposits and withdrawals.
