Italy has completed general work for new regulations on crypto money companies. Interested parties were invited to the Ministry of Economy and Finance to comment and suggest new regulations to be made in the sector. Decisions taken at the end of the talks are expected to take effect within 3 months.
Italy Works to Understand Bitcoin Becoming a Phenomenon
According to a report issued by the MEF Treasury on 2 February, Italy's updated and strengthened anti-money laundering laws will also be used in this area. After this date, parties were given two weeks to report their views and make corrections. In this process, the parties have prepared a proposal with a basic aim, "to explore and understand various aspects of virtual currencies".
Earlier, in May 2017, the Italian government asked its service providers to deal with digital money transactions, such as stock exchanges, to fulfill their obligation to prevent money laundering and illegal transactions. The new bill provides additional responsibilities for crypto-money operations. For example, they will have to report their activities regularly to the Ministry of Finance.
Also, according to the bill, crypto money will not be used by central banks and other public institutions, although it can be used as a shopping medium to get goods and services.
Stock Exchanges and Businesses, Registered and Regular Report Vermeli
The new bill will also apply to businesses that accept crypto money for goods and services. The Ministry will carry out a systematic investigation to determine the number of businesses in this sector. After the survey, each entity involved in crypto-related activities will be expected to enroll in the Italian Agency Agency (OAM) as appropriate.
The Ministry of Finance announced in the press statement that the Treasury Department had completed the technical determinations required for registration and that the new regulations would begin to be implemented three months after the bill came into effect.
Regulations for businesses and stock exchanges, as well as virtually no mention of individual use. However, according to a statement made by the Italian Taxation Office in 2016, personal crypto money assets were not taxed.
