Italy'due south securities regulator has shut downwards six strange substitution websites and two crypto investing and derivative trading sites.

According to Finance Magnates' Feb. ten report, the Commissione Nazionale per le Società e la Borsa (CONSOB) has accused these viii FX sites of violating the Mifid2 and the Consolidated Law on Finance (TUF) for providing illegal trading products and services.

Crypto regulation in Italy

Aiming to protect investors, the Italian regime accept fix out to establish cryptocurrency regulation domestically. A 2022 ministerial resolution implemented a European Court of Justice decision. It stipulates that whatever transaction involves the exchange of crypto assets against fiat would not be taxable, but turn a profit and losses on these transactions should exist taxed.

The Italian Senate Committee on Corporate Affairs has also busied itself with legislation. Information technology 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 2022 subjected virtual currency providers to the regulations established for traditional money substitution operators. To that issue, Legislative Decree No. 90 charged the Ministry of the Economy and Finance to issue a ministerial decree setting along the modalities and timelines for the legal operation of such activities throughout the country."

Future crypto outlook in Italy

The quondam Minister of Economy and Finance Giulio Tremonti voiced his opinions on the futurity of digital payments and the advent of cryptocurrencies during the Code4Future briefing.

During the event, Tremonti took role in a circular tabular array give-and-take. 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 one-time values."

Tremonti shared his stance of decentralized cryptocurrencies similar Bitcoin with Cointelegraph:

"It's the hereafter and you cannot finish it. Having said that, Bitcoin does not accept a clear legal status, and this is clearly an obstacle. According to accounting rules, it's an asset you should put on your fiscal statements. Only if it'southward an asset that you should put on your fiscal statements, should VAT be applied when it is sold? Information technology is still an expanse of ​​not bad dubiety."