[2018-02-21] Italy Completes Consultations on Registration of Crypto Companies

[Terraformer]

Public consultations on a new regulatory regime for crypto companies in Italy are now closed. Interested parties were invited by the Ministry of Economy and Finance to share suggestions and comments on a draft decree introducing registration and reporting requirements in the sector. The new set of rules will come into force within 3 months of adoption.

Italy Trying to Understand the Phenomenon

The ministerial decree has been designed to “explore and understand the various aspects of the virtual currency phenomenon”. The legal document, aimed at implementing Italy’s updated and “strengthened” anti-money laundering laws, was published by MEF’s Treasury Department on February 2. Interested parties had two weeks to express their opinions and suggest amendments.

In May 2017 the Italian government issued another decree requiring “service providers related to the use of virtual currency”, like exchanges, to fulfil their obligations to prevent money laundering and illicit crypto transactions. The new document introduces additional responsibilities for crypto businesses. They will have to report regularly their activities to the Finance Ministry.

The text of the proposed decree clarifies that although cryptocurrency is used as a “means of exchange for the purchase of goods and services”, it is not issued by a central bank or other public authority. The embedded disclaimer also states that cryptos are “not necessarily connected to a currency that is a legal tender”.

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[Harlot]

I have seen these kinds of steps before on countries who have implemented it now. I always consider it as a smart move created by this countries as they know what they are implementing. They are pursuing necessary steps in order to prevent money laundering, tax evasion, and other related crimes that can be done through cryptocurrency. What they are doing is a whole lot better compared to other countries who are seriously thinking of banning cryptocurrencies in their country, Italy want to prevent crimes at the same time make their citizens benefit cryptocurrencies.