[2017-06-26]New AML Law In Italy With New Rules On Bitcoin Exchangers

HI-TEC99

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Quote from: iamTom123 on June 27, 2017, 05:41:28 AM

What we all dread is the total ban in the use of cryptocurrency because that mindset can be a loss-loss situation for the Bitcoin holders and the government. Even if the government will really not encourage anyone to go with cryptocurrency, sometimes the most important thing is that nobody is barred from joining the Bitcoin ship.

I don't think they will ever ban it now it's grown so big. If they were going to ban it the US would have taken the lead and done it when the Silk Road was closed. It debated it, then decided not to because Bitcoin had too many positive aspects.

The fact Italy is trying to regulate its exchanges shows it has no intention of banning Bitcoin.

iamTom123

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Europe is actually now open for the proliferation of Bitcoin but since they are also after the safety of their respective countries there has to be strict rules in place to combat the use of Bitcoin for illegal purposes especially terrorism, human trafficking, drug and other transnational crimes. And I fully understand all of these concerns.

Slowly but surely, Euro countries are laying the legal framework for cryptocurrency and are working with money exchange service providers as the front line in this effort and of course, this is also the framework where to collect some revenues.

What we all dread is the total ban in the use of cryptocurrency because that mindset can be a loss-loss situation for the Bitcoin holders and the government. Even if the government will really not encourage anyone to go with cryptocurrency, sometimes the most important thing is that nobody is barred from joining the Bitcoin ship.

btc_angela

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New AML Law In Italy With New Rules On Bitcoin Exchangers

The AML4 (Directive 2015/859 UE) was introduced in Italy with its publication in the Italian Official Journal of the Legislative Decree 25th May 2017, n. 90 (G.U. n. 140 of 19th June 2017) with the total reform of the legislative decree 231/2007.

The European Parliament has not yet approved the modification of AML4 with provisions regarding virtual currency (which will probably occur after discussion in plenary in late October 2017) but Italy anticipates some provisions, including Exchanger as an obliged entity for AML purposes.
The Italian Minister of Economy called for discussion over the draft of this proposed legislation in early December and obtained the opinion of Parliament.
The new rules concerning virtual currencies are included in several articles of the law as well as the introduction of a specific registry for Virtual Currency Exchange.

https://coinidol.com/aml-law-in-italy-with-rules-on-exchangers/

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