Cryptocurrencies, here are the Italian rules: obligation to register in an ad hoc register

Cryptocurrencies, here are the Italian rules: obligation to register in an ad hoc register

The Ministry of Economy has signed the provision that puts the constraints on operators in black and white: the list of accredited players is headed by the Body of agents and mediators. Periodic monitoring transmitted to police forces, supervisory authorities and the judiciary

02 Feb 2022
F. Me.

The decree regulating the activities of cryptocurrency operators has been signed at the Ministry of Economy. In particular, the provision governs the mandatory registration of players in cryptocurrencies in the appropriate register that must be managed by the Body of Agents and Mediators (Oam). The mere activity of issuing virtual currencies on their own remains outside the scope of the decree if not accompanied by exercise on a professional basis.
Registration in the register will therefore be an essential prerequisite for legally exercising the business.
Established in 20210, the OAM has legal personality under private law, in the form of a Foundation, with organizational, statutory and financial autonomy.
The OAM is required, among other tasks, to verify the permanence of the requisites necessary for registration; compliance by members with the provisions applicable to them; the absence of causes of incompatibility, suspension and cancellation in relation to members; the actual performance of the activity for the purpose of staying on the lists.
The OAM will also have the task of collaborating with supervisory authorities, Guardia di Finanza, Currency Police, Anti-Mafia Directorate, judicial authorities and tax agencies, periodically providing all necessary information and documentation “held by virtue of the management of the special section of the register, including data on the operations carried out “.
Facebook sells Diem
Meanwhile, Facebook abandons cryptocurrencies. And he sells Diem’s assets to investment firm Silver Capital.
The Diem association, which is leading Facebook’s (Meta) digital currency project, will dissolve and sell its intellectual property and other assets to Silvergate Capital Corporation for $ 182 million. The initiative by which the American social network giant wanted to revolutionize payments was on track, but “it became clear during our discussions with the US authorities that the project could not progress further,” said the CEO of the company. association, Stuart Levey, in a statement on Monday. Meta had entered the digital currency arena by creating “Libra” in 2019, which was to offer a new payment method outside the traditional banking channels.