The whole world is wondering about the repercussions that cryptocurrency and its adoption will bring. To keep a pandemonium from breaking apart, countries are trying to pass rules and regulations to keep such digital currencies and their usage in check. This time, it is the Italian Ministry of Economy and Finance trying to legitimize and regulate this market.
On January 31st, a draft decree about possible regulatory actions regarding crypto-related came into question. A few days later, it was published, and following the next two weeks a consultation period started revolving around said decree. The board concluded on 16th Feb, and it is decided that this decree will come into effect within three months of its adaptation.
The main aim of the decree is to keep a close eye that cryptocurrencies are not used for illegal activities including terrorism financing. The Decree is targeted to crypto exchanges or lenders, crypto trading platforms, and similar cryptocurrency firms, all of which will have to register to the Organism Agenti e Mediatori (OAM). The operators have a time limit of maximum 60 days to register themselves, counting from the date the decree has been published.
“The decree is being published 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,” as per stated in the decree.
Cryptocurrency firms and enterprises who are not registered will not be allowed to practice their business in the country. MEF has also stated that they will start working on correspondence with the police to streamline all the digital currency agencies that are not complying with the new law.
Considering the global position, it was high time that Italy took an initiative. Countries like Germany, France, Japan, the EU as well as China, India, and others, are all requesting that a strict global regulation should be put on cryptocurrency and related business. This 2018 G-20 summit in Buenos Aires will surely be a significant event regarding the future of cryptocurrency.