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ARTICLE · 21 MARCH 2022

Breakthrough In Italian Cryptocurrency Regulation: Statutory Registration For Providers And Exchangers

Jones Day
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The Italian Ministry of Economy and Finance ("MEF") issued a new decree ("Decree") requiring that virtual asset/currency service providers promptly enroll in a soon-to-be established...

ItalyTechnology
Marco Frattini
Marco Frattini
Patrizia Gioiosa
Patrizia Gioiosa
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The Italian Ministry of Economy and Finance ("MEF") issued a new decree ("Decree") requiring that virtual asset/currency service providers promptly enroll in a soon-to-be established special section of the register held by Organismo Agenti e Mediatori ("OAM"), with the aim of monitoring cryptocurrency exchanges and implementing anti-money laundering controls.

For quite some time, both national and international authorities have kept an increasingly close eye on cryptocurrency markets, although with limited intervention powers. On April 28, 2021, the Bank of Italy and the Italian Securities and Exchange Commission ("Consob") issued a joint statement calling upon the public and small savers to beware of the risks embedded in "crypto-activities." Consob also issued tailor-made sanctions when it found that certain services qualified as Markets in Financial Instruments Directive ("MiFID") services were provided without the required authorizations and licences by using

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