INFORMATION TECHNOLOGY
The Ministry of Economy and Finance set up the Register for crypto-currency operators.
The Ministry of Economy and Finance has issued a decree to regulate the issuance of cryptocurrency and the services thereof, introducing the obligation to register in a special Register (OAM - Agents and Mediators Body) established by the decree, with the dual advantage of being able to verify the professionalism of those who operate with virtual currency or offer wallet and deposit services, and to check the transactions carried out by their customers, including for tax purposes.
The ministerial decree assimilates the position of those who work with cryptocurrencies to a money transfer operator or currency changer. These subjects - as mentioned - are obliged to register with the OAM, they will have to communicate the names of all customers and all the operations carried out by each of them on a quarterly basis.
The obligation to register in the register also applies to foreign operators, that is, those who carry out their business "remotely using telematic methods, in the territory of the Republic, possibly also resorting to websites, applications that offer the aforementioned services in Italian" . Subjects who represent about 90% of those who operate in cryptocurrencies and who, in order to continue to operate in Italy, must register in the appropriate register.
The ministerial decree assimilates the position of those who work with cryptocurrencies to a money transfer operator or currency changer. These subjects - as mentioned - are obliged to register with the OAM, they will have to communicate the names of all customers and all the operations carried out by each of them on a quarterly basis.
The obligation to register in the register also applies to foreign operators, that is, those who carry out their business "remotely using telematic methods, in the territory of the Republic, possibly also resorting to websites, applications that offer the aforementioned services in Italian" . Subjects who represent about 90% of those who operate in cryptocurrencies and who, in order to continue to operate in Italy, must register in the appropriate register.
