[Newsflash n. 41]
On 31 January 2017, the Italian Ministry of Economy and Finance (“MEF”) launched a public consultation on a draft Ministerial Decree introducing notification requirements for providers of virtual currency-related services (“Decree”).
The Decree will be the first step towards the implementation of the EU Directive 2015/849 (on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing) and the EU Regulation 2015/847 (on information accompanying transfer of funds), transposed in Italy by the Legislative Decree n. 90 of 25 May 2017.
According to the new regulation, anyone wishing to perform services related to the use of virtual currencies in Italy is required to notify the MEF. For those actively performing such services at the time of implementation, notification must be within 60 days of the entry into force of the Decree. It is worth noting that, as stated in the second paragraph of art. 2, this also applies to merchants accepting virtual currencies as payments.
As stated in the MEF’s press release, the aim is to obtain an overall view of the virtual currency phenomenon in Italy, based on the number of active players in the field. In view of the registration requirement in a special section of the Registry of financial agents and brokers (Registro degli agenti in attività finanziaria e dei mediatori creditizi) which will apply at a later stage in order for such entities to be entitled to provide services connected to the use, storage and trading of virtual currencies or to their exchange into or from legal tender currencies.
Responses to the public consultation may be submitted – before 16 February 2018 – by sending an email to: firstname.lastname@example.org
Please do not hesitate to contact us should you need any clarification on the draft Decree or assistance in submitting your response.