Cryptocurrencies are gaining more and more popularity in the world as an innovative way to exchange, store, and invest assets.
Countries around the world are becoming more interested in understanding and regulating these digital assets, and Italy is no exception.
Obtaining a crypto license in Italy can be an important step for cryptocurrency startups and companies, but it requires studying a thorough legal structure and procedures, which without professional legal support becomes a very difficult process.
The legal environment of cryptocurrencies in Italy
Before starting the process of obtaining a crypto license in Italy, it is important to understand the legal environment governing cryptocurrencies in this country. At the moment, Italy does not have a single law governing the cryptocurrency space.
Instead, various bodies regulate certain aspects of cryptocurrencies and blockchain technologies.
- The Ministry of Economy and Finance is responsible for the control and regulation of aspects related to the prevention of the use of cryptocurrencies for money laundering and terrorist financing. This creates some restrictions for companies working with cryptocurrencies.
- The Financial Services Supervisory Authority (CONSOB) is responsible for regulating the issuance and circulation of digital assets that may be considered financial products or services. This has a significant impact on companies offering tokens and stable coins based on blockchain technology.
- In addition, the Italian Securities Regulatory Authority (CONSOB) regulates the issuance and circulation of digital securities based on blockchain technology. Companies planning to issue digital securities must comply with CONSOB requirements.
Types of crypto licenses
In Italy, there are several types of crypto licenses that can be issued to enterprises working in the field of cryptocurrencies:
- Cryptocurrency exchange and storage license: This type of license allows companies to exchange cryptocurrencies and store digital assets on behalf of customers. This can be combined with a wallet to store assets.
- License to issue and manage a stable coin: Companies that plan to issue stable coins linked to real assets can apply for such a license.
- License to issue digital securities: This type of license allows companies to issue digital securities, such as stocks or bonds, on blockchain technology cryptocurrency company will conduct.
Procedures for obtaining a crypto license
Obtaining a crypto license in Italy can be a complex process that involves detailed analysis and compliance with various legal requirements.
To successfully obtain a license, companies must follow these steps:
- Preparation of documents. Companies must collect all necessary documents and information related to their activities, including articles of association, incorporation documents, business plans, audit reports, and documents regarding the source of capital.
- Application submission. After preparing all the documents, the company can apply for a crypto license from the relevant authorities, such as the Ministry of Economy and Finance.
- Evaluation of the application. After the application is submitted, it will be evaluated and verified by the relevant authorities involved in the regulation of cryptocurrencies. This process may take some time.
- Compliance with requirements. Companies must ensure compliance with all crypto license requirements, including anti-money laundering and financial stability measures.
- Obtaining a license. If the company’s application meets all the requirements, the authorities can issue a crypto license, which will allow the company to work legally in the field of cryptocurrencies.
Obtaining a crypto license in Italy is not an easy task, and companies seeking to operate in this sector must be prepared to face challenges and risks.
However, such a license can also open many perspectives for the development of innovative projects using cryptocurrencies and blockchain technologies.
And with the professional lawyers of Prykhodko and Partners, this procedure will become easier and guaranteed to be successful.