Italy formally laid out new AML requirements for crypto companies

The registration on the list is required to provide any services related to digital assets in the country

19.02.2022 - 10:15

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What’s new? Italy has published new anti-money laundering (AML) regulations for crypto companies. This is reported by the local publication Gazzetta Ufficiale. The rules, which were approved in January, define registration and reporting requirements for virtual asset service providers (VASPs) that comply with the European Union’s anti-money laundering directive.

Information on the Gazzetta Ufficiale website

What does the document say? The document specifies that registration on the list for crypto companies is required to provide any services related to digital assets in the country.

In addition to the registration requirement, the document states that VASPs have to report all information required under the AML regulations to the Organismo Agenti e Mediatori (the body responsible for overseeing the VASP registry) at the end of each quarter. The VASP register will be created within 90 days after the publication of this document.

What are the conditions to qualify for registration? In order to qualify for inclusion in the special register of approved VASPs in Italy, all entities must comply with Article 17-bis of a 2008 directive relating to credit contracts.

“Accordingly, VASPs that are incorporated in other EU member states will have to set up an Italian branch or subsidiary in order to operate with Italian customers. VASPs established in third countries will have to incorporate an Italian subsidiary.”

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