Specialised payments platform Paysafe (NYSE:PSFE) today announced that it has obtained registration in Italy as a Virtual Asset Services Provider (VASP) with the ‘Organismo Agenti e Mediatori’ (OAM).

OAM recently introduced the register in Italy as a requirement for all companies offering crypto trading, custody or other services in the country in light of the rapid growth of the virtual asset market.

Paysafe, which provides card processing, eCash solutions, open banking and ‘wallet as a service’ embedded payments solutions, supports leading virtual asset platforms and crypto exchanges around the world, enabling them to offer compliant and effective payment services to their customers. Furthermore, through Paysafe’s own digital wallets Skrill and NETELLER, available globally, consumers can buy and sell more than 40 cryptocurrencies.

Paysafe’s recent VASP registration in Italy follows its crypto asset company registered status from the UK’s Financial Conduct Authority – the company was among the first to achieve this at the end of 2021.

Commenting on the new status, Chirag Patel, CEO, Digital Wallets at Paysafe, said:

“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. 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.”