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Italy Formally Establishes New AML Requirements for Crypto Firms

The rules outline the requirements for virtual asset service providers to register and report.

According to a February 14 gazette, Italy has published new anti-money laundering (AML) rules for cryptocurrency firms. The rules, which were approved in January, outline registration and reporting requirements for virtual asset service providers (VASP) that are consistent with the European Union’s fifth anti-money laundering (AML) directive and the Financial Action Task Force (FATF) guidelines for crypto firms. Their publication in Italy’s official journal of record indicates that the rules are ready to be implemented.

The document specifies what VASPs must do in order to be listed on a special roster for crypto firms. Registration in the roster maintained by is required, according to the document, if firms are to offer any digital-asset related services in the country.

The new rules were released just as legislators in the European Union (EU) prepare to begin discussions on the proposed regulatory package for crypto assets. The MiCA package aims to establish EU-level standards and requirements for cryptocurrency issuers, service providers, and users.

Most notably, it is attempting to establish a pass portable license for crypto firms, which would allow companies to easily operate in all EU-member states if fully registered and compliant in one EU jurisdiction.

However, Italy’s new rules include a requirement that differs from the EU’s ambitious pass portable license for VASPs.

According to the document, all entities must comply with Article 17-bis of a 2008 directive related to credit contracts in order to qualify for registration in the special roster for approved VASPs in Italy.

According to the Article, in order to register as an approved VASP, any VASP from another EU country must have a permanent establishment, or stabile organization, in Italy.

According to a report on the new rules published by Lexia Avvocati, an independent Italian law firm, stabile organization refers to a branch or subsidiary.

“As a result, VASPs incorporated in other EU member states will be required to establish an Italian branch or subsidiary in order to conduct business with Italian customers.” “VASPs established in third countries will be required to incorporate an Italian subsidiary,” according to the report.

Aside from registration, the document states that VASPs must report all information required by AML regulations to the Organization Agenti e Mediatori (the body in charge of overseeing the VASP roster) at the end of each quarter. Within 90 days of the publication of this document, the VASP registry will be established.

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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