Italy to Launch New Regulatory Regime

MEF’s Treasury Department closed the collection of public opinions and amendments on a new regulatory regime for crypto companies
21 February 2018   200

On February 2, MEF’s Treasury Department published a document, aimed at implementing Italy’s updated and “strengthened” anti-money laundering laws. The department gave two weeks to interested parties in order to express their opinions and suggest amendments.

The draft introduces additional responsibilities for crypto businesses. They will have to report regularly their activities to the Finance Ministry.
The new set of rules will also be applicable to commercial companies accepting cryptocurrency payments for goods, services, and utilities. In order to operate legally in Italy, each company should register with the Italian Agency of Intermediaries OAM.

According to the Ministry of Finance, The Department of the Treasury has already completed a preliminary evaluation of the technical specifications for the register.

The new regulatory regime will come into force within 3 months after the decree enters into force.

Its implementation responds to the need to understand the new phenomenon and its dimensions.

Roberto Ciciani

Head of the General Directorate for Prevention of Financial Crimes.

According to the regulators, the new regulatory regime will comply with the latest EU Anti-Money Laundering Directive – 5MLD, which introduces stricter rules to prevent financial crimes.

In Italy, the use of cryptocurrencies is still unregulated. However, a law requiring identification of parties in crypto transactions was introduced in the parliament. Last year, the Italian tax authority stated that cryptocurrency trading is exempt from the VAT.

Crypto Taxpayers to be supported in India

Cleartax, the largest Indian tax filing platform joins Zebpay exchange to help crypto taxpayers
24 March 2018   102

The object of this partnership is to educate Bitcoin traders and investors about the current tax laws and how to apply them in stating cryptocurrency profits and incomes. Indian authorities are aimed to find the best approach to Bitcoin and the other kinds of cryptocurrencies. The recent declarations of the regulators that new instructions would be accepted in a short time, have not been followed by real actions. So the attempts to enforce the control on this sphere have led to summaries that this task in not going to be simple at all. According to last month media reports, new frameworks and rules were waited by the end of March.

Though they failed to to introduce extensive regulations, the Indian authorities are focused to tapping into crypto earnings. In a previous month the Income Tax Department released notifications for thousands of cryptocurrency investors, as reported.

The Cryptocurrency Advisory Plan will help Indian bitcoin investors and traders in this year's tax campaign. The biggest tax filing platform Cleartax joins the Indian bitcoin exchanges and wallet providers Zebpay. They are both objected to support taxpayers to understand and abide by the law regarding taxation of the transactions with cryptocurrencies.

Cleartax declared it has the tax and technological expertise “to help people understand how bitcoin works”. Besides, the platform has started tax filing services for cryptocurrency investors. The Cleartax CEO and founder Archit Gupta claimed that together with Zebpay they are going to “simplify taxes for Indians”. The head of exchange at Zebpay, Nischint Sanghavi added that he believes the partnership with Cleartax will simplify tax planning for Zebpay`s customers.

In February about 100,000 cryptocurrency investors received tax notices from India`s Income Tax Department. Questionable dubious transactions, authorities investigated some of the cryptocurrency exchanges, and banks paused many of their accounts. Then the governmental pressure caused significant drop in trading volumes.

The authorities in Delhi have set a number of warnings against investing in BTC. Also the largest commercial banks have restricted severely the operations of local exchanges and individual cryptocurrency traders, even before any law demanding such measures is adopted.