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Mudrex Crypto enters Italy, hails resumption of “regulatory clarity” in the EU


Mudrex, a crypto investment firm closely associated with India, entered the international market starting with Italy. The Bengaluru and San Francisco-based company has gained legal recognition in Italy, which now officially allows it to offer its services in one part of the European Union. In an announcement made on Monday, May 15th, Mudrex said it had been awarded a “virtual asset provider” license in the European Union while praising regulatory clarity around the digital asset sector in the region.

Mudrex allows its users to create Systematic Investment Plans (SIPs) using cryptocurrencies. Now, the company has obtained an operating license from the European Central Bank (ECB). This license will allow Mudrex to operate as a registered broker and crypto custodian within the European Union.

Our mission is to democratize cryptocurrency investing and make it more affordable for everyone. After extensive research on the European market, we have reached a point where we are ready to cater to the digital currency investment needs of Italian investors. We have consistently prioritized compliance with rules and regulations, including meeting the stringent standards set by the European Union,” said Edul Patel, CEO and Co-Founder of Mudrex, in a prepared statement.

Like many other parts of the world, EU countries are also looking to expand their knowledge and experiences with Web3 items including cryptocurrencies, NFTs, and the metaverse.

To ensure a legally guaranteed growth of this sector, the EU is preparing to roll out MiCA regulations in the times ahead.

The Markets in Crypto Assets (MiCA) framework largely revolves around consumer protection and preventing market manipulation and financial crime in the crypto sector. The MiCA aims to prevent insider dealing, illegal disclosure of inside information, and market manipulation related to crypto assets from occurring.

Mudrex praised the clarity of regulations around crypto in the European Union, which makes it easier for companies to conduct business.

To ensure full compliance, Mudrex has established a branch office in Milan, Italy. The company has also engaged several brand ambassadors across Italy including some well-known influencers such as Surry, Talo and Carmine Migliaccio, the statement from the investment platform noted.

Last December, US-based PayPal expanded its crypto services into the European Union, choosing Luxembourg as its entry point.

Since its launch in 2018, Mudrex claims to have had more than 1 million customers, 70 percent of whom are from India.

Meanwhile, the cryptocurrency sector is still being analyzed by India to ensure that the laws that are being drafted to regulate it address the concerns and offer solutions to mitigate the risks.

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Joanna Swanson

Joanna Swanson is Europe correspondent at the Thomson Reuters Foundation based in Brussels covering politics, culture, business, climate change, society, economies and inclusive tech. With specific focus in breaking news, she has covered some of the world's most significant stories.