A representation of Binance cryptocurrency is seen in this illustration taken August 6, 2021. REUTERS/Dado Ruvic/Illustration

MILAN, July 19 (Reuters) – German investment platform Trade Republic said on Tuesday it registered as a cryptocurrency operator in Italy last week after it began offering its services in the country last December.

In order to protect savers, the Italian Ministry of Economy in February created a special register with the brokerage regulator Organismo degli Agenti e dei Mediatori (OAM) to list all cryptocurrency operators with a stable presence provided that they fulfill certain conditions.

Financial watchdogs around the world are grappling with how to regulate the crypto market, for which the rules are patchy. Key issues on regulators’ agendas include consumer protection, threats to financial stability, and illicit use of digital coins.

Trade Republic, which has been licensed by Italian market regulator Consob, also offers investments in stocks, derivatives and exchange-traded funds, and recently launched crypto services in Spain.

The Italian branch of Binance, one of the largest cryptocurrency exchanges, registered in Italy in May. Read more

On Monday, US crypto exchange Coinbase Global Inc (COIN.O) said it had met OAM registry listing requirements to serve customers in Italy. Read more

OAM supervises financial agents and credit brokers in Italy and implements anti-money laundering controls.

Reporting by Federico Maccioni and Valentina Za; edited by Cristina Carlevaro and Bernadette Baum

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