Italy’s securities regulator has shut down six foreign exchange websites and two crypto investing and derivative trading sites. According to Finance Magnate’s Feb 10 report, the Commissione Nazionale per le Societa e la Borsa (CONSOB) has accused these 8 FX sites of violating the Mifid2 and the Consolidated Law on France (TUF) for providing illegal trading products and services.
Crypto Regulation in Italy
Aiming to protect investors, the Italian authorities have set out to establish cryptocurrency regulation domestically. A 2016 ministerial resolution implemented a European Court of Justice decision. It stipulates that any transaction involves the exchange of crypto assets against fiat would not be taxable. But profit and losses on these transactions should be taxed.
The Italian Senate Committee on Corporate Affairs has also busied itself with legislation. It aims to create a guideline for the regulation of all financial and IT-related firms to regulate their financial transactions via electronic means:
Legislative Decree No. 90 of 2017 subjected virtual currency providers to the regulations established for traditional money exchange operators. To that effect, Legislative Decree No. 90 changed the Ministry of the Economy of the Economy and Finance to issue a ministerial decree setting forth the modalities and timeliness for the legal performance of such activities throughout the country.
Future of Digital Currency Outlook in Italy
During the event, Tremonti took part in a round table discussion. He believed the opportunities offered by the fintech sector were changing both business logic and the role of traditional banks:
Banks may be caught off-ground by fintech activities. An alliance between traditional banks and new digital industries is essential. A structure that incorporates new techniques but maintains old virtues.
Tremonti shared his opinion of decentralized cryptocurrencies like Bitcoin with the media:
It’s the future and you can’t stop it. Having said that, Bitcoin doesn’t have a clear legal status, and this is clearly an obstacle. According to accounting rules, it’s an asset you should put on your financial statements. But if it’s an asset that you should put on your financial statements, should VAT be applied when it is sold? It is still an area of great uncertainty.