The Italian government is waiting for comments on the proposed set of rules for the regulation of cryptocurrencies aimed at clarifying the situation with the use of technology in the country.
Brief description of the proposed rules
explains that service providers that accept cryptocurrencies, I must inform about their activities and income to the Ministry of economy and Finance, as well as what the government will do with this information.
According to the full
versions of these rules, cryptocurrency «are used as a means of exchange to purchase goods and services, they are not issued by a Central Bank or public authority, and not necessarily connected with the currency being legal tender».
The main goal of this decree is to ensure compliance with the recently adopted European Union rules to combat money laundering and new laws banning terrorism financing and other criminal activities.
To comply with new regulations, companies engaged in transactions with cryptocurrencies, you will need to register in the new database of agents and intermediaries. Due to the possible review of the industry, the government hopes to evaluate the size of the domestic market of cryptocurrencies and the number of enterprises that work with them, according to the document.
Roberto Cicioni (Roberto Ciciani), Director of the Agency responsible for preventing financial crime, said:
«The census and registration will also allow better control of the observance of the rules by operators and give them some information on the legal implementation of their activities.»
Interested parties have until 16 February to assess the new rules, which will come into force until July 2018. After that existing service providers will only have 60 days to register with the Agency.