Italy has completed its consultations on registration of blockchain and cryptocurrency companies. The public consultation regarding the same has been closed and the bill is expected to come into force within the next 3 months.
The Ministry of Economy and Finance of Italy had invited various parties from the cryptocurrency world to ask for suggestions and advice for drafting the bill on registration and reporting requirements of the blockchain industry.
The bill has been designed to receive a positive response and in order to explore and understand the various aspects of the virtual currency phenomenon. The bill clearly mentions the additional responsibilities for service providers in the cryptocurrency sector. It includes reporting all the exchange the activities to the finance ministry; which is an addition to the previous decree issued on May 2017.
In addition, the bill states that the cryptocurrency issuers have to mention that the coin is not issued by the central bank or any other public authority. The new law also applies to every manufacturer, traders and service providers who are opting for cryptocurrencies. They are required to collect information from parties and submit a full report of the numbers to the authorities.
Roberto Ciciani, Head of the General Directorate for Prevention of Financial Crimes says,
“The new regulatory regime is to be launched within 3 months after the bill comes into force. Its implementation responds to the need to understand the new phenomenon and its dimensions”
The preliminary evaluation and project viability have already been completed and the technical specification has now been released. This bill will comply with the latest EU anti-money laundering directive i.e, 5 MLD, which introduces stricter compliance rules and higher punishment for offenders.
Out of the leading members of the European Council, Italy was one of the only countries where the use of Bitcoins and other cryptocurrencies remained unregulated. Cryptocurrency purchases and sales are exempted from VAT as personal cryptocurrency holdings and gains do not generate capital gain tax income.
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