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Italy Establishes Rules for Virtual Currency Companies Established in the Country

Regulations to the cryptocurrency market appear day after day. These regulations allow the market to settle and be legitimized. This time, the Italian Ministry of Economy and Finance, is focusing in cryptocurrency businesses in the country, according to a ministerial decree.

Italy Regulates Crypto Businesses

On January the 31st, the Italian Ministry of Economy and Finance (MEF) wrote a draft decree about possible regulations on virtual currency companies. Two days later, on February the 2nd, the draft decree was published. During two weeks, a consultation period started and ended on February the 16th. The decree will finally be operative within three months of its adoption.

The decree reads as follows:

“The decree is being published in order to acquire information about the size and the functionality of the market of services related to virtual currencies. […] This decree applies to those who offer services related to the use of virtual currencies.”

Cryptocurrency films will have to be registered in order to operate in the country. One of the main points of this decree is the intention to reduce criminal activities and terrorism financing. The MEF will be working side by side with the police forces of the country in order to address non-compliant virtual currency firms.

The decree gives an explanation about what cryptocurrencies are and how they work. When the decree mentions virtual currency enterprises, it is making reference to service providers, like crypto exchanges or lenders, and also to commercial operators.

Those companies and firms that will be operating in the cryptocurrency world will have to be registered to the Organism Agenti e Mediatori (OAM). The operators that are now working in Italy will have to be registered in the next 60 days after the decree is published.

Other countries are starting to regulate the cryptocurrency market. During 2018 we will experience increasing regulations. The G-20 summit in Buenos Aires will be an important event for the cryptocurrency community. Germany, France, Japan, the EU and many other countries like China and India are requesting global cryptocurrency regulations.