Italian securities regulator establishes cryptocurrency regulations, has closed 2 cryptocurrency trading sites

Cointelegraph reported on February 11 that Italian securities regulators recently closed six foreign exchange trading websites and two cryptocurrency investment and derivatives trading websites.

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Image source: pixabay

According to the news from Finance Magnates on February 10, the Italian National Stock Exchange Supervisory Board (CONSOB) accused the eight foreign exchange websites of violating Mifid2 regulations and the Financial Integration Act (TUF) to provide illegal trading products and services.

Crypto regulations in Italy

To protect investors, Italian authorities have set out to establish crypto regulations in the country. A 2016 ministerial resolution enforced a ruling by the European Court of Justice. The bill stipulates that any transaction involving the exchange of fiat currency and crypto assets should not be taxed, but the profits and losses of these transactions should be taxed.

The Italian Senate Committee on Corporate Affairs is also working on regulations. Its purpose is to develop a regulatory guide for all financial and information technology-related companies to monitor their financial transactions electronically:

"Decree No. 90 of 2017 requires virtual currency providers to comply with regulations made for traditional currency exchange operators. To this end, Decree No. 90 instructs the Ministry of Economy and Finance to issue a ministerial decree providing for the legal conduct of such activities across the country Way and schedule. "

Italian cryptocurrency outlook

Former Italian Minister of Economy and Finance Giulio Tremonti gave his views on the future of digital payments and the emergence of cryptocurrencies at the Code4Future conference.

During the meeting, Tremonti participated in a round table discussion. He believes that the opportunities offered by the fintech industry are changing business logic and the role of traditional banks:

"Fintech activities can catch banks off guard. The alliance between traditional banks and the emerging digital industry is critical. This alliance incorporates new technologies but retains old values."

Tremonti shared with Cointelegraph his views on decentralized cryptocurrencies such as Bitcoin:

"Cryptocurrencies are the way forward, and you can't stop it. However, Bitcoin does not have a clear legal status, which is obviously an obstacle. According to accounting standards, this is an asset that you should count on your financial statements. But "If it is an asset that should be placed in financial statements, does it apply VAT regulations when it is sold? This is still an area of ​​uncertainty."