Central Bank of Italy Declares Virtual Currency Exchanges Are Not Subject to AML Requirements
The Central Bank of Italy (Banca d'Italia) is that country's first governmental authority to issue a statement on virtual currencies. It recently published three directives: Warnings on use of virtual currencies (30 Jan 2015). Notice on virtual currencies (30 Jan 2015). Notice of Central Authority for Reporting on virtual currencies (2nd Feb 2015). The....
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While countries like Bangladesh and Ecuador are outright banning bitcoin and other digital currencies, Italy has taken an interesting first stance on the matter. In a notice on virtual currencies, published on January 30, the Central Bank of Italy acknowledged the use of virtual currencies as legal in their country. The Central Bank of Italy started off their notice with an explanation of digital currency, then noted that the Financial Action Task Force (FATF) published a paper on digital currencies in relation to money laundering and terrorism. The Central Back then explained that the....
Italy recently declared that it would not tax digital currencies like Bitcoin. This is a great step in the right direction for the entire Bitcoin community because it opens up the market for Bitcoin usage. Small, medium and big businesses can accept Bitcoin without the fear of the Italian tax office coming after them for accepting the digital currency as payment for their services and/or products. This ruling also means that crypto exchanges will not be subject to extra VATs or other regulations for now. This makes Italy the first country in the world to allow crypto exchanges “free reign”....
Colombia's Central Bank, the Banco Central de Colombia, has reportedly released a statement relating to bitcoin. In that statement, the Central Bank declares that bitcoin is not a currency, nor is it legal tender in the South American country, according to El Espectador. The Bank's statement fortified that the single monetary unit of Colombia is the peso and that bitcoin isn't considered a currency because it is, by nature, not backed by a central banking authority. Last week, the country's Financial Supervisory Authority released a statement that listed risks associated with the digital....
Bitcoin has met few centralized establishment entities who are welcoming it with open arms. Countries like Russia, Ecuador, and Bangladesh have moved to ban it through regulation while countries like Canada and Australia take a more deliberate, and less fearful approach. Italy is taking a very original approach when it comes to what Bitcoin means to them and their central bank's monetary policy. On January 30th, The Central Bank of Italy made an official statement on digital currencies, granting the use of crypto-currencies as legal within the country. Italy Welcomes Bitcoin. Any Strings....
Bitcoin ATM providers and virtual currency exchanges may be subject to Texas licensing requirements, according to regulatory guidelines issued by the Texas Banking Commissioner on April 3. Whether business activities involving cryptocurrencies such as Bitcoin are subject to licensing requirements depends on the type of business, according to the Texas Department of Banking’s supervisory memorandum. Texas is one of the first U.S. states to provide specific guidance to Bitcoin ATM operators. Bitcoin ATM providers that allow users to exchange virtual currency for government-backed dollars are....