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Italy Updates Digital Asset Service Providers Registration Requirements - The Crypto Basic

source-logo  thecryptobasic.com 21 February 2022 05:20, UTC

The Italian Ministry of Economics and Finance has introduced new rules for cryptocurrency companies to combat money laundering (AML).


According to the local official Gazzetta Ufficiale, the regulator details all registration and reporting requirements for Virtual Asset Service Providers (VASPs). According to the document, if a company offers services related to cryptocurrencies, it must register in a particular category of VASPs approved by the Italian economic and finance ministry.

The new rules were published ahead of the upcoming European Union Cryptocurrency Regulation Bill (MiCA), which makes it easier for companies to operate in all EU member states. However, the new rules include a requirement that does not match the EU’s ambitious VASP stance.

The Italian regulations state that an organization must comply with article 17-bis of the 2008 directive concerning loan agreements to qualify for registration. According to this article, VASPs from another EU member state must permanently establish their subsidiary Italy. Local law firm Lexia Avvocati noted:

“Accordingly, VASPs registered in other EU member states will have to establish a branch or subsidiary in Italy to work with Italian clients. VASPs established in third countries will have to have an Italian subsidiary.”

In addition to the registration requirement, the document states that VASPs must report all information required under the AML rules to the local supervisory authority Organismo Agenti e Mediatori at the end of each quarter. The VASP registry will be created within 90 days of the document’s publication.

Although a bill to regulate cryptocurrencies in the EU was developed in 2020, legislators have made little progress in agreeing to it. Last year, the chairman of the Italian Companies and Exchange Commission (CONSOB), Paolo Savona, warned that Italy would create its own rules if the EU did not speed up the development of regulation of crypto assets.

thecryptobasic.com