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Cryptocurrency companies in Italy will register

The new rules are ready.

07.Feb.18 11:50 PM
By Jeff Bannister


Cryptocurrency companies in Italy will register
Italy is going to register crypto-currency companies. Code of Regulation of Crypto-Currency The Ministry of Economy and Finance of Italy is already ready. At this stage, the government expects comments from the public. According to these rules, service providers who carry out transactions with crypto-currency must account for their income and their activities.

The new rules consider the cryptocurrency as a means of exchange for goods and services. However, they are not supported by government agencies, they are not issued by the central bank and are not linked to other currencies. Therefore, crypto-currencies are not necessarily considered a payment instrument. The primary objective of this decision is to comply with the European Union's rules on combating money laundering and the financing of terrorism.

Providers of crypto-exchange services must register in the database of agents and intermediaries. To this, they will be granted 60 days from the date the new rules come into force. This database will assess the domestic market of crypto-currency and ensure its control by the new regulations.

Discussion of the new rules will last until February 16, and they will enter into force in early July.

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