A New Regulation Is Coming for Businesses Using Cryptocurrency in Italy


Italy government awaits feedback on cryptocurrency regulations that have been submitted to clarify the use of cryptocurrency technology within the country.

In the summary of this regulation submitted, service providers accepting cryptocurrencies It is stated that they should inform Ministry of Finance and Economy what they do and how much they earn.. In addition, his government is also explaining what to do with this information.

The full decree states that cryptocurrencies are a tool used to purchase goods and services.. Additionally, it is explained that it is not issued by any central bank or authorized institution and does not need to be linked to a legal tender.

The main purpose of this decree is European It is shown as ensuring the implementation of the new anti-money laundering law that the Union has recently enacted.. This law comes after new regulations for financing terrorism and other crimes.

For this purpose, businesses that transact with cryptocurrencies will be registered and tracked in a government-created database, providing information to agents and representatives.

As part of the published document, the Government will try to measure the amount of cryptocurrencies and the number of businesses working with crypto in the country as part of the feedback process.

Head of financial crime prevention department Roberto Ciciani:

” Thanks to this arrangement, operators will be able to better control whether the rules are followed.. This will enable them to process their legal practices more clearly.”

Parties interested in the subject will be able to express their opinions until February 16. The new application will be put into effect as of July 2018. Existing service providers will only have 60 days to register after this law is implemented.

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