Italian crypto exchanges will be forced to register under new rules

The Italian government is waiting for comments on its proposed set of rules for regulating digital currency, the main task of which is to clarify the situation regarding its use in the country.

The summary of the rules informs about the new system of information submission. Specifically, service providers accepting cryptocurrency must report their activities and income to the Ministry of Economy and Finance. The document also clarifies how the government will deal with this information.

The full text of the bill also clarifies that while cryptocurrency is used as a means of commodity and exchange, it does not necessarily have to be associated with official payment currencies. It is also noted that the National Bank or any other government body will not be involved in issuing them.

The set of rules was introduced to ensure compliance with norms previously approved by the European Union. The latter are aimed at combating money laundering and the financing of terrorism, as well as other criminal activities.

Now companies operating in the cryptocurrency market will have to register in a new database of a special Service of Agents and Intermediaries.

The government therefore intends to assess the scale of the domestic cryptocurrency market, count the total number of companies that operate in it, and monitor compliance with the new rules.

Stakeholders in Italy have until February 16 to weigh in pros and cons regarding this issue. According to the Italian government, the rules will come into force before July this year. Companies will then have just 60 days to apply for registration. 

Subscribe to our news in Telegram