Italian cryptocurrency companies must register in accordance with the proposed new regulations

nCritics of runaway: As one of the EU member states, Italy responded to the EU’s latest anti-money laundering regulations and conducted market research on domestic enterprises that dealt with cryptocurrencies. Such enterprises must submit their business and profit statements in accordance with the new regulations. At the same time, Database registration. Relevant laws and regulations are still seeking comments, while the government will determine by census the size of the domestic cryptocurrency market and the number of participating enterprises. The government believes cryptocurrency does not have legal status, so new regulations and initiatives help monitor compliance and give more legal certainty to corporate activities.n
nTranslation: Annie_Xun
In order to determine the use of cryptocurrency technology in the country, the Italian government sought feedback on relevant regulatory initiatives.n
To summarize the proposed rule, a service provider that accepts cryptocurrencies must submit business and profitability reports to the Ministry of Economics and Finance to inform the government of its intention to do so.n
The decree also states that while cryptocurrencies are “not only issued by central banks or public agencies as a medium of exchange for goods and services, they are not necessarily linked to legitimate currencies.”n
As one of the EU member states, the purpose of this decree is to implement the recent anti-money-laundering regulations passed by the EU. In addition, cryptocurrencies are also mentioned in legislation related to terrorist financing and other criminal activities.n
For this reason, businesses involved in cryptocurrency transactions must be recorded in the agency Agency for Agents and Mediators database.n
While soliciting feedback, the government wants to measure the size of the domestic cryptocurrency market and the number of companies involved.n
Roberto Ciciani, head of the financial crime prevention department, said:n
n”The start of the market census and registration process helps to better monitor the compliance of operators and give legal certainty to their activities.”n
nPeople interested in Italy can participate in the measurement of regulations, deadline February 16, the new law implementation date is 2018 before July. Since the implementation of the government ordinance, existing service providers have 60 days to register.n

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