Bitcoin Regulation Perception: Italy
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”....
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Crypto exchange Binance has received regulatory approval from Italy’s financial regulator to operate as a cryptocurrency service provider in the country. “Clear and effective regulation is essential for mainstream adoption of cryptocurrencies,” said Binance CEO Changpeng Zhao.
Binance Now Licensed in Italy
Binance announced Friday that Binance Italy “has received regulatory approval” through registration as a Cryptocurrency Service Provider with the Organismo Agenti e Mediatori (OAM), as required by the Italian legislation on crypto....
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....
For now, the proposal only seems to focus on companies dealing with Bitcoin and other cryptocurrencies. The country of Italy is currently dealing with a looming banking crisis. The majority of its loans are not performing and are borderline junk. Despite those concerns, the topic of Bitcoin and regulation has to be touched upon as well. Local taxation official recently drafted a proposal to tax Bitcoin transactions in a corporate environment. Similarly to most other countries in the world, Italy has no clear legal definition for Bitcoin. It is not an official currency, nor a commodity.....
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....