Italian Crypto Businesses to Register Under Proposed New Rules

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The Italian government is giving interested parties the opportunity to comment or provide feedback on the proposed cryptocurrency regulations, specifically designed to lay down clear stipulations regarding the technology’s use in the country.

According to the proposal, service providers that transact with cryptocurrencies must first report their business and earnings to the Ministry of Economics and Finance. Primarily, the decree is meant to enforce new anti-money laundering rules from the European Union, as well as the regulations on the financing of criminal activities, such as terrorism.

The report would be stored in a new database by the Agency for Agents and Mediators. Meanwhile, the full decree sets a definition for cryptocurrencies as being “used as a means of exchange for the purchase of goods and services, [they are] not issued by a central bank or by a public authority, [and are] not necessarily connected to a currency having legal tender.”

With the information garnered from this feedback process, the Italian government hopes to be able to have a more comprehensive and realistic view of the size of the local cryptocurrency market, as well as have a definitive number of business engaged in such.

“The census and the start of the register will also allow to better monitor compliance with the rules by the operators and give them certainty about the legal exercise of their activity,” said Roberto Ciciani, director of the agency tasked with the prevention of financial crimes.

Those interested to join in the feedback program will have until February 16, 2018 to send in their comments. The new rules is expected to be implemented before July 2018, upon which service providers will have 60 days to comply with the mandatory registration.

 

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