Consultation paper on providers of services related to the use of virtual currencies

On 2 February 2018, following and in accordance with the implementation in Italy of Directive (EU) 2015/849 (4AMLD), the Italian Ministry of Economy and Finance ("MEF") published a consultation paper (the "Consultation") setting out reporting obligations applicable to providers of services related to the use of virtual currencies.

The purpose of the request for this information is to collect data on the size of the Italian virtual currency market. Providers of services related to the use of virtual currencies will be enrolled in a special section of the Register kept by the Organismo per la gestione degli elenchi degli Agenti in attività finanziaria e dei Mediatori creditizi (OAM).

It is unlikely that Italy will be moving alone in Europe in the virtual currency field. Indeed, last week the European Commission launched the EU Blockchain Observatory and Forum. We would expect additional news in the near to medium term on a European level.

The two-week Consultation ends on 16 February 2018.

Click here to download the Consultation (available in Italian only) and here to download the European Commission press release on the EU Blockchain Observatory and Forum.


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