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.
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.