CRYPTO SETTLEMENTS IN ITALY

CRYPTO SETTLEMENTS IN ITALY

According to Italian law, the Ministry of Economy and Finance (MEF) has recently implemented a new decree. It was previously released in January and updates the cryptocurrency regulations for VASPs in Italy.

Resolution of the Ministry of Economy and Finance (MEF) dated January 13, 2022, published in the Official Gazette no. 40 of 17-02-2022 establishes new requirements for both Italian and foreign companies that provide virtual currency services near Italy. VASPs that provide services such as the exchange and storage of virtual currencies, as well as digital wallet service providers, are subject to the decree.

He gives the following definitions:

Virtual currency service provider: any natural or legal person, other than a natural person, who provides on a professional basis, including online, services related to the use, exchange, storage of virtual currency and their conversion from legal tender or digital representations of value or them, including those converted into other virtual currencies, as well as issuing, offering, transfer and clearing services, as well as any other services related to the acquisition, trading or exchange of such currencies;

Digital wallet service providers: any natural or legal person, other than a natural person, who provides on a professional basis, including online, private cryptographic key protection services on behalf of its customers for the purpose of storing, storing and transferring virtual currencies;

Virtual Currency : A digital representation of value not issued or guaranteed by a central bank or government body, not necessarily linked to legal tender, used as a medium of exchange for the purchase of goods and services or for investment purposes, and transferred, stored and are sold electronically.

In addition, the Decree establishes two new requirements for PUVA, which are within the scope of its competence, namely registration with OAM and reporting obligations.

The decree then establishes reporting obligations for virtual currency service providers and digital wallets.

Every quarter, registered companies must send reports to the OAM about the transactions they have carried out in Italy. In particular, they should ensure:

• Customer identification details such as first name, first name, last name and date of birth, place of residence, tax code, VAT number, if any, and identity document details.
• A summary of all transactions for each customer, including the counter value in Euro as of the date of the last day of the relevant quarter/total balance of legal and virtual currency related to each customer, the amount and total counter value in Euro. on the date of the last day of the reporting quarter/transactions for the conversion of legal currency to virtual or virtual to legal currency related to each customer and, for example, the number of conversion operations between virtual currencies.

Cryptocurrency lawyer in Italy

Legal assistance on crypto issues in Italy

•  Legal use of cryptocurrency
• Legalization of income received from operations with crypto and investments in cryptocurrencies
• Mining Bitcoin and Ethereum
• Consulting on IEO
• Taxation of withdrawal of assets in fiat money
• Legal support of ICO and IEO projects
• Structuring of blockchain companies
• Assistance to crypto investors
• Assistance of a lawyer on cryptocurrency investments
• Registration of ICO/IEO/DeFi and Mining

We provide full legal support for transactions with cryptocurrencies, ICO / IEO, DeFi registration and organization of cryptocurrency mining, which is why you landed on this page when you entered “cryptocurrency legal help”, “cryptocurrency lawyer”, “bitcoin legal advice” into the search engine. help with cryptocurrencies”, “bitcoin consultations”, “lawyer’s advice on cryptocurrencies”, “blockchain contract”, “ethereum contract”, “legal advice on cryptocurrencies and taxes”

Legal assistance in Italy — Bitcoin and cryptocurrency

Therefore, the assistance of lawyers on issues of cryptocurrencies, their mining, the registration of IEO, DeFi and other crypto projects is a set of measures aimed at the registration of such relationships in full compliance with the current legislation of Italy and the EU.

The most common questions to our lawyers are:

• Payment for services, works, real estate and other assets in Italy with Bitcoin (BTC) and Ethereum (ETH). Truth or myth?
• In which Italian cities can you exchange Bitcoin, Ethereum, Ripple and other cryptocurrencies?
• How to buy goods for bitcoin in Italy?

You can get answers to these and other questions by calling our lawyers or by leaving your phone number.

Importantly! We recommend a mechanism for purchasing certain property for “crypto” by concluding a mining contract. The conclusion of a contract for the sale of goods or services where payment is made in crypto-currency may be judicially declared null and void as crypto, as a currency, is not recognized at the legislative level in Italy.

For example, crypto currency in Ukraine is not recognized as a means of payment, and due to some regulations and positions of central authorities deals with surrogate money.

Crypto exchange in Itaia (Milan, Rome, Naples)

Buying and selling cryptocurrency in Italy through YK Prykhodko and partners is profitable and safe. Try us at work!

Our lawyers are perfectly versed in all the trends in the regulation of cryptocurrency in the world, including in Ukraine, and guarantee the most protected ways of using it.