Italy: Implementation of Decree introducing registration requirement for virtual currency and digital wallet service providers

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Description

Implementation of Decree introducing registration requirement for virtual currency and digital wallet service providers

On 18 May 2022, the Italian credit brokers organization (OAM) implements the decree introducing a mandatory registration requirement for virtual currency and digital wallet service providers operating in Italy. The dedicated section of the register of currency exchanges becomes available and virtual currency and digital wallet service providers have 60 days to apply to the register. Then, OAM will verify the regularity of the application within 15 days. To join the register, the service provider must be Italian or an EU citizen, while legal persons must have a registered office and administrative headquarters in Italy or, for EU legal persons, a permanent establishment in Italy. Such service providers shall specify to the OAM the following information: the registered office/headquarters of the service provider, the type of service provided, the address of the physical points of operation and the web address through which the service is performed.

Original source

Scope

Policy Area
Registration and licensing
Policy Instrument
Business registration requirement
Regulated Economic Activity
digital payment provider (incl. cryptocurrencies)
Implementation Level
national
Government Branch
executive
Government Body
other regulatory body

Complete timeline of this policy change

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2022-01-13
adopted

On 13 February 2022, the Italian Ministry of Economy and Finance (Ministry) adopted a decree introd…

2022-02-17
in grace period

On 17 February 2022, the decree introducing a mandatory registration requirement for virtual curren…

2022-05-18
in force

On 18 May 2022, the Italian credit brokers organization (OAM) implements the decree introducing a m…