Public hearings of the draft law on the regulation of cryptocurrencies ended in Italy. The new document imposes additional obligations on cryptocurrency companies, including introducing mandatory registration and regular reporting to the Ministry of Finance.
According to the publication, the reporting will also be mandatory for companies that accept crypto-payments to pay for goods and services. At the same time, the ministry wants to conduct a “systematic study”, starting with the definition of the number of operators in this sector. After the start of work, each company must register with the Italian agency of intermediaries (OAM) to work legally in the country.
The draft law also clarifies that, although it is used as a “means of exchange for the purchase of goods and services”, it is not issued by a central bank or other public authority. The attached disclaimer states that crypto-urrencies “are not necessarily related to currency, which is a legal tender”.
It is expected that the new rules will enter into force within three months after the approval of the decree.
A set of rules for the regulation of cryptocurrencies was published by the Ministry of Economy and Finance of Italy in early 2018.