On April 21, 2022 the Italian Organismo Agenti e Mediatori issued a round implementing the Ministry of Financial and Finance decree concerning statutory registration, charges, and obligations of cryptocurrency suppliers and exchangers.
Following the issuance of the decree dated January 13, 2022, by the Ministry of Financial and Finance (“Decree”), the Italian Organismo Agenti e Mediatori (“OAM”) issued a round on April 21, 2022 (“Round”). The Round incorporates particulars on:
- Particular procedures that suppliers of cryptocurrency change, crypto buying and selling, digital pockets, and, broadly, any digital foreign money associated companies (“Suppliers”) should observe with a view to enroll within the particular part of the register saved by the OAM (“Register”); and
- Charges and different quantities due from Suppliers.
The Round, which follows the foundations already supplied for by the Decree, reinforces that enrollment within the particular part of the Register is a compulsory situation for Suppliers to legally perform their actions in Italy. As well as, the Round prescribes that any Supplier taken with enrolling within the particular part of the Register should: (i) have a sound Italian-certified e-mail handle (posta elettronica certificata); (ii) well timed register within the OAM internet portal; and (iii) observe the directions indicated within the particular working information revealed on the OAM web site (“Working Information”).
Pursuant to the Round and the Decree, the Register will turn into operational on Could 16, 2022, with a 60-day grandfathering interval for Suppliers already energetic in Italy. From that date onward, Suppliers should enroll within the Register to hold out enterprise in Italy and, because of this, implement advert hoc insurance policies and procedures to make sure compliance with the brand new Italian authorized framework.
In keeping with the Round, Suppliers should pay a one-off payment (€8,300 for corporations and €500 for people). Moreover, Suppliers should pay a variable annual payment, the quantity of which will depend on every Supplier’s variety of prospects (OAM is more likely to situation a separate communication on this subject).
To adjust to the reporting obligations, Suppliers ought to use a selected on-line service as detailed within the Working Information. All the information transmitted by Suppliers might be saved within the OAM’s database for 10 years, making certain the suitable retention, security, and retrieval of the information.