Italy has completed discussions on crypto-currency companies

Currently, public access to the new regime for regulating crypto-currencies in Italy has been closed. The interested parties were invited by the Ministry of Economy and Finance to exchange proposals and comment on the draft resolution providing for registration and reporting requirements in this sector. The new set of rules will enter into force within three months after its adoption.

The Ministerial Decree was designed to study and understand various aspects of the virtual currency. A legal document aimed at implementing a renewed and intensified fight against money laundering in Italy was published by the Ministry of Finance of the MEF on February 2. The interested parties took two weeks to express their opinion and propose amendments.

In May last year, the Italian government issued yet another decree requiring virtual currency service providers, such as exchanges, to fulfill their obligations to prevent money laundering and illegal crypto-currency transactions. The new document introduces additional duties for crypto-currency companies. They will have to regularly report on their activities to the Ministry of Finance.

In the text of the decree it is explained that although the crypto currency is used as a means of exchange for the purchase of goods and services, it is still not issued by the central bank or other state body.

Author: Andrey, analyst Freedman Club Crypto News

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