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Italy’s new law on regulations for crypto based companies decided

Rohit Singh

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Italy accepting Bitcoin
Source: MaxPixel

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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Rohit Singh is a contributing News writer at AMBCrypto. He is a Commerce graduate and CA finalist with a peerless passion for Blockchain and cryptocurrency related stories. Rohit currently does not hold any value in any cryptocurrency or its projects.

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Altcoins

Binance Coin surges by 9% in 24-hours after DEX announcement; breaks out of ‘saucer bottom’ pattern

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Binance Coin surges by 9% in 24-hours after DEX announcement; breaks out out of 'saucer bottom' pattern
Source: Unsplash

Binance Coin [BNB] is nothing short of becoming the best performing crypto asset of 2019, as it creates higher highs every day. In a recent surge, BNB went up by approximately 12% in 24-hours breaking out of the ‘saucer bottom’ pattern.

BNB has been on a bull run since December 2018, it has surged by approximately 470% since that point. In the last 24-hours, the price was up by approximately 12% from wick-to-wick.

Source: TradingView

Moreover, the rise in the price over the day can be attributed to the announcement by Binance DEX, that was launched recently. The tweet read:

The new update will convert the BNB, which is an ERC20token, into BEP2, it will be called the “mainnet swap”. Furthermore, users have to convert their ERC20 tokens on Binance, the details of which will be released in the near future.

In addition, Mithril, a cryptocurrency project has announced that it will be the first project to migrate to the Binance Chain. It tweeted:



“$MITH token holders on the new @Binance_DEX will be the first to experience increased speed, security, and user friendliness while maintaining full control over their funds.”

A Twitter user, @carlitosblvd123, commented:

“So , all BNB we have now like erc20 in binance exchange and on trust wallet will be converted to bep2 automatically or we have to do anything to happen?”

@jigneshon, another Twitter user commented:

“Crypto Revolution will happen on 23rd April when Binance Chain Genesis block will be created. 🔥”





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