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   512

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.

HashFlare Users to Face Withdrawal Issues

Looks like Bitcoin cloud mining is not super profitable
18 July 2018   108

Users of HashFlare mining pool can't withdraw their funds, while their contracts are threatened with a temporary ban. Even lower restrictions on withdrawal of funds in the amount of 0.03 BTC caused problems for users, but the service raised the threshold to 0.05 BTC and 0.1 ETH . This is reported by Cryptovest.

In addition, financial pyramids are often promoted under the guise of mining contracts for cloud mining. For last few months, there was a big jump in mining difficulty of many cryptocurrencies, so, old contacts had become unprofitable.

As reported, the reason for the locked funds dates back further - at the beginning of June, so much hashing power was flowing into the Bitcoin network that contracts saw all the mined coins go toward their maintenance fee.

Currently, more and more users who have purchased contracts at earlier stages are facing the fact that they can not withdraw their funds. One of them managed to return the money spent through the bank card operator after filing a corresponding complaint.

To anybody that purchased a Hashflare cloud mining contract with a credit card, it might be possible to get a refund with that credit card as one of my followers tipped me. He bought his contracts at the end of 2017.

bccponzi at Twitter

The hash rate of bitcoin increased from 13 EHash / s at the beginning of the year to more than 40 EHash / s in recent months. The difficulty of mining in the present conditions depends on the circumstances of the specific miner. The cost of bitcoin mining for some of them is $ 4,400, while others spend about $ 5,800. However, in 2018, cloudy mining is called an even more dubious occupation than before, especially when it comes to mining bitcoin.