According to co-founder and CEO Edul Patel, the Indian cryptocurrency investment platform Mudrex has been approved to operate in Italy.
For Indian businesses, which have typically struggled as a result of high taxes and a global crypto winter, Mudrex’s worldwide expansion is unusual. Mudrex is situated in Bengaluru. Even more uncommon is its “bullish plan” for worldwide expansion, which has never before been described in this much depth. “Half our team is working on international expansion,” claimed Patel. He added that Mudrex has begun the application procedure to operate in the United Kingdom.
On September 1, 2023, Mudrex was granted permission to register with Italy’s Organismo Agenti e Mediatori (OAM), a step that is necessary for cryptocurrency businesses.
The local legal entity known as OAM keeps a list of all financial agents working in the nation who are subject to the country’s anti-money-laundering laws. After the permission, “we just wanted some time to pass before we made the news public,” said Patel.
One of India’s major cryptocurrency platforms, Mudrex has barely one million registered users but provides index investment alternatives through Coin groupings, groupings of coins that can be used as an alternative to speculative trading. This includes BTC and ETH in the broad-based category, as well as small, mid, and high caps. The layer one, layer two, NFT, Metaverse projects, and Dow trackers are among the thematic indexes.
Despite the fact that India is our home and where we were raised, Patel claimed that foreign clients had informed him that investment items there were all the same. “We think our product is special and has some really unique offerings,”
According to Patel, we chose Italy because research conducted by the country’s securities regulator, Consob, on the financial investments of Italian families revealed information that was relevant to our products, such as stronger risk diversification, higher gross savings, and higher understanding of cryptocurrency than in most other EU countries. “We narrowed down our list using this research, but Italy provided the best results on the ground.”
The company had previously met the criteria to operate in the EU after acquiring a licence in Lithuania less than a year ago, claims Mudrex, which made the company’s incursion into Italy easier. Mudrex’s footprint in the EU increased from about 5,000 users to 17,000 in the six months it pursued registration in Italy.
According to Patel, “We can now make our investment products available through all other registered entities, such as banking partner apps, and we are in discussions with them.”