According to Finance Magnates’ Feb. 10 report, the Commissione Nazionale per le Società e la Borsa (CONSOB) has accused these 8 FX sites of violating the Mifid2 and the Consolidated Law on Finance (TUF) for providing illegal trading products and services.
Italy’s securities regulator has shut down six foreign exchange websites and two crypto investing and derivative trading sites.
Crypto regulation in Italy
Aiming to protect investors, the Italian authorities have set out to establish cryptocurrency regulation domestically. A 2016 ministerial resolution implemented a European Court of Justice decision. It stipulates that any transaction involves the exchange of crypto assets against fiat would not be taxable, but profit and losses on these transactions should be taxed.
The Italian Senate Committee on Corporate Affairs has also busied itself with legislation. It aims to create a guideline for the regulation of all financial and IT-related firms to regulate their financial transactions via electronic means:
“Legislative Decree No. 90 of 2017 subjected virtual currency providers to the regulations established for traditional money exchange operators. To that effect, Legislative Decree No. 90 charged the Ministry of the Economy and Finance to issue a ministerial decree setting forth the modalities and timelines for the legal performance of such activities throughout the country.”
Future crypto outlook in Italy
The former Minister of Economy and Finance Giulio Tremonti voiced his opinions on the future of digital payments and the advent of cryptocurrencies during the Code4Future conference.
During the event, Tremonti took part in a round table discussion. He believed the opportunities offered by the fintech sector were changing both business logic and the role of traditional banks:
“Banks may be caught off-guard by fintech activities. An alliance between traditional banks and new digital industries is essential. A structure that incorporates new techniques but maintains old values.”
Tremonti shared his opinion of decentralized cryptocurrencies like Bitcoin with Cointelegraph:
“It’s the future and you cannot stop it. Having said that, Bitcoin does not have a clear legal status, and this is clearly an obstacle. According to accounting rules, it’s an asset you should put on your financial statements. But if it’s an asset that you should put on your financial statements, should VAT be applied when it is sold? It is still an area of great uncertainty.”
Japan’s Central Bank Chief Calls for International Effort on Libra Regulation
The head of Japan’s central bank has called for international cooperation in regulating stablecoins like the Facebook-led Libra.
According to a Reuters report, Haruhiko Kuroda, governor of the Bank of Japan, said:
“If Libra is introduced, it could have a huge impact on society.”
Talking at an event in Osaka, Japan, on Tuesday, Kuroda said the highest level of regulation must be applied to such stablecoins.
That phrase is one that’s been used a lot in relation to Libra.
Earlier in September, Sigal Mandelker, under secretary of the U.S. Treasury for terrorism and financial intelligence, echoed the phrase when saying Libra must achieve the highest standards of U.S. regulatory compliance prior to any launch on a trip to Switzerland – the home nation of the Libra Association.
And back in July, a task force set up by the G7 to examine the issues raised by Libra said that rules of the “highest” standards are needed to minimize the use of digital currencies in money laundering and funding terrorism.
Around the same time, Japan set up a working group, also to examine the issues raised by the launch of the cryptocurrency project.