Mef decree on cryptocurrencies, what goes (and what doesn't) 06:43
Objectives and effects of the decree of the Ministry of Economy on the giants of cryptocurrencies. The comment by Chiara Oldani, professor of Economic Policy at the University of Tuscia
The decree defining the obligation to register operators and intermediaries in crypto-currencies in the register of the Organism of Agents and Mediators (OAM) was signed by the Minister of Economy, Daniele Franco. Assimilated with money transfer and credit brokerage companies, the crypto giants that operate on Italian or Italian-language websites will have to record transactions, balances and investor data. The decree imposes the obligation of identification and adequate verification of the customer and the beneficial owner, the obligation of data retention, abstention and reporting in cases of money laundering. The Italian law is much more restrictive than that in force in Europe and risks being substantially ineffective, precisely because of regulatory arbitrage. The objective of the law is to regulate the Far West of crypto, recover revenue and limit money laundering, the latter the biggest problem worldwide. To date, the revenue from crypto taxation in Italy is very low, due to the fact that investors must self-report their profits in the tax return, if they hold digital currencies for a value that exceeds € 50,000 for at least 7 days in the year. solar. You get little change. Yet the crypto sector has a turnover that exceeds 3,000 billion dollars, non-digital, those of the Fed!
The financial market control authorities, led by Consob, have for some time been raising the problem of market protection and stability; cryptocurrencies are traded outside the markets, with transactions between individuals registered on the blockchain and no one protects savers. However, a global solution is needed, which defines the costs of regulation and the benefits for users. On the occasion of the Italian G20 of 2021, this issue was not even on the technical agenda, the Finance Track, confirming that the fear of losing business largely exceeds the need to protect savers by large countries, such as the United States and Italy. European Union as well as the small ones.
In world economic and financial policy, history repeats itself. In the 90s and 00s, no financial authority took a clear stance to control the uncontrolled growth of derivative contracts, responsible for having crumbled the entire global financial system in 2007. Prepare your parachute, it's only a matter of time!