Italy Says No AML Requirements for Digital Currency Companies
Italy is looking at bitcoin and digital currency companies in an unusual way. For one thing, the country feels that bitcoin should be avoided at all costs until some form of regulation comes about. However, the twist to this attitude is that should a company delve into cryptocurrency without legislation being appropriately instilled, no AML (anti-money laundering) program is required, which certainly leaves open a few doors for some unexpected mishaps... The Financial Intelligence Unit from Banca d'Italia (Bank of Italy) has issued the following notice: "The use, exchange and storage of a....
Related News
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”....
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....
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 "Notice About the use of virtual currencies" (published on the Supervisory Bulletin No. 1, January 2015) is a summary of guidance previously issued by the European Central Bank (ECB), the European Banking Authority (EBA), and the Financial....
Italy has made first step towards Bitcoin by implementing the same regulations as they do to cash. Italians just love cash. There are about 7 million people in Italy, who do not have the bank account and by that I mean that they had never had one. At the same time however, the number of population that downloaded bitcoin wallet places Italy 12th among other countries and this is only what can be traced. Although, on the general technological front Italy is far from the techy countries in EU. That probably is due to distrust to digital means of managing money and as we know, that kind of....
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....