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Italy has recently published new anti-money laundering (AML) rules for crypto firms. The new rules, which are expected to take into effect soon, are in line with existing guidelines issued by international organizations such as the Financial Action Task Force (FATF).
Italy has revealed new anti-money laundering (AML) rules for crypto firms, according to a gazette dated February 14, 2021. The rules outlined registration and reporting requirements for virtual asset service providers (VASP) that are aligned with the European Union’s fifth AML directive and the Financial Action Task Force (FATF) guidelines for crypto firms.
The new rules were approved in January, according to Coindesk. Their publication in Italy’s formal journal of record indicates they are ready for implementation.
Under the new regulations, virtual asset service providers are required to be registered on a special roster for cryptocurrency firms. This registration process is a requirement for all firms that offer any digital asset-related services in Italy.
Italy’s publication of the new crypto rules arrived just as European Union (EU) legislators are preparing to start discussions on crypto-assets regulations. The regulatory package, known as the Markets in Crypto Assets (MICA) package, aims to establish standards and requirements for crypto issues, service providers, and users for the entire EU region.
Lawmakers are expected to discuss the possibility of setting up a passportable license for crypto firms. This would allow companies offering crypto-related services that have fully registered in one EU jurisdiction to expand their operations in other EU-member states as well.
Interestingly, Italy’s recently published rules contain a requirement that differs from the EU’s passportable license. Under the country’s new rules, VASPs need to comply with Article 17-bis of a 2008 directive related to credit contracts to qualify for registration in the special roster. This means that VASPs from another EU country still need to have a permanent establishment or stable organization in Italy to be registered in its special roster.
“Accordingly, VASPs that are incorporated in other EU member states will have to set up an Italian branch or subsidiary in order to operate with Italian customers,” a report on the new rules by the independent Italian law firm Lexia Avvocati said. “VASPs established in third countries will have to incorporate an Italian subsidiary.”
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