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   996

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.

tZERO to Launch Bitcoin Trading App

Application itself is being developed by Bitsy; it may also begin to support Ethereum in the future
22 March 2019   142

The security tokens platform tZERO announced plans to launch a mobile application for buying and selling bitcoin. In the future, the application may also begin to support Ethereum,  CoinDesk reports.

According to Saum Noursalehi, CEO of tZERO, applications for iOS and Android devices should be launched in June. Bitsy is developing it, a cryptocurrency start-up that is part of the portfolio of the Overstock venture division of Medici Ventures.

That’s part of the reason we acquired Bitsy — to accelerate time to market for our mobile app. They have an app for trading crypto, primarily bitcoin, in a beta-phase, they built a wallet and key recovery mechanism, and this will be the foundation of the mobile app for tZERO. They are also working on some cool stuff like biometric login. 

Saum Noursalehi

CEO, tZero

According to him, the application will allow you to store cryptocurrency without the need to trust third parties and it will be connected to the network of exchanges through the API. The implementation of this plan will occur through partner tZERO, the institutional trading platform SFox.

In the future, the head of tZERO added, the platform also intends to create its own cryptocurrency vault to meet the demand from users.

The public beta testing of Bitsy wallet started in November 2018. With his help, the Overstock retailer plans to launch Bitcoin sales on its website.