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   695

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.

US Authorities to Sell $4.3M Worth Seized BTC

As reported, the Bitcoins were seized during different federal investigations
18 October 2018   100

The US Federal Penitentiary and Marshals Service has announced an auction, during which 660 Bitcoins will be sold, previously confiscated by law enforcement agencies. The current market value of the coins put up for sale is about $ 4.3 million, CoinDesk reports.

Bitcoins offered for sale were seized during federal criminal, civil and administrative investigations.

The auction will be held on November 5, and to participate in it, you must register no later than October 31 and make a deposit of $ 200,000.

The trades will be divided into two parts and include the sale of six blocks of 100 BTC and one more block of 60 BTC. Auction participants will not be able to view other people's rates or change their own.

The Office clarified that part of the assets put up for auction includes Bitcoins, which were seized during the recent investigations into the cases of the traders Teresa Tetley and Thomas Mario Costanzo. Teresa Tetley was sentenced in July to a year in prison on charges of trading in cryptocurrency without the necessary license and laundering money obtained from drug trafficking.

The Marshals do not report which part of the bitcoins seized from Tetley and Costanzo is put up for auction, however, it was previously known that 40 BTC were withdrawn from the first, and 80 BTC from the second.

Two previous major auctions for the sale of confiscated bitcoins were held in the United States in January and March of this year. In the first case, 3813 BTC was sold, in the second - 2170 BTC.