Italy conducted public consultations in order to frame the new regulatory authorizations of the crypto companies. The parties which showed interest for the same were invited by the Ministry of Economy and Finance. The suggestions and comments of the parties were noted down in order to draft the rules and regulations for the sector. After drafting a satisfactory record, the Ministry of Economy and Finance have now closed the consultation. The new set of rules would come into adoption within the coming three months.
A ministerial decree was framed in order to traverse and understand the entire scenario behind the virtual currency phenomenon. On February 2, The MEF’s Treasury Department published a document announcing the implementation of updated and strengthened laws for laundering anti-money in Italy. The interested parties were given a time period of two weeks and were asked to express their opinions and suggest the area of amendments for the same.
Another edict was also passed last year in May 2017 by the Italian Government mentioning the requirement of service providers for virtual currency like exchanges which could prevent the laundering of money and illegal crypto transactions. Modifying the same, the new decree aimed to bring about some further responsibilities to the crypto businesses. The cryptocurrencies, according to the new document would now be reporting their regular activities to the Ministry of Finance.
In the latest notification, the Ministry says that it wants a legal conduction of the crypto companies in order to avoid the illicit crypto activities. The new document demanded the conduction of a systematic survey which should begin with the filing and counting of the number of crypto operators in the country. This survey involves the registration of all the crypto companies with the Italian Agency of Intermediaries OAM.
In respect to the same, the Department of the Treasury is done with the completion of the initial evolution and analysis of technical specifications of the registration process. The new regulations would be launched within the time span of three months after the enforcement of the decree.