Italy Sets Rules for Its Crypto-Related Companies
Each day, more regulations concerning the cryptocurrency market seem to appear.A growing number of countries are looking to either legitimize or regulate this market.This time, it’s Italy’s turn, its Ministry of Economy and Finance focusing in cryptocurrency businesses in the country, according to a ministerial decree.
Italy Regulates Crypto Companies
The Italian Ministry of Economy and Finance (MEF) wrote on January the 31st, a draft decree about possible regulatory actions on crypto –related businesses. Two days later, the draft decree was published. In the following two weeks, a consultation period commenced and ended on February the 16th. The decree will finally come into effect within three months of its adoption.
“The decree is being published in order to acquire information about the size and the functionality of the market of services related to virtual currencies. […] This decree applies to those who offer services related to the use of virtual currencies,” read the decree.
Cryptocurrency firms will have to be registered if they want their business to operate in the country. One of the main purpose of this decree is to minimize illegal activities and terrorism financing. The MEF will be working alongside the police authorities of the country in order to address digital currency companies which do not comply to the law.
The decree elaborates on what cryptocurrencies are and how they work. When the decree mentions enterprises that involve digital currencies, it is making reference to service providers, such as crypto exchanges or lenders, crypto trading platforms, and also to commercial operators.
Those companies and firms that enterprise crypto- related businesses will have to be registered to the Organism Agenti e Mediatori (OAM). The operators that are currently working in Italy will have to be registered in the next 60 days after the decree has been published.
Italy is one of the most recent nations to join the list of countries that have started to regulate the cryptocurrency market. The year of 2018 will see an increase in such regulations. The G-20 summit in Buenos Aires will be an important event that will influence the course of the crypto market. Germany, France, Japan, the EU and a number of other countries like China and India are requesting that cryptocurrencies be regulated globally.