Italy has published new anti-money laundering (AML) rules for crypto firms.
Published rules communicate registration and reporting requirements for virtual asset service providers (VASP) that comply with the European Union’s fifth AML directive and Financial Action Task Force (FATF) guidelines for crypto firms.
The published document lays out the requirements for VASPs to enroll in a special list for crypto firms. According to the document, companies must register for the list if they want to offer digital assets services in the country.
The country aims to set standards and requirements at EU level. Most importantly, it aims to create a suitable license for crypto firms that will enable them to easily operate in all EU member states if they are fully registered and compliant in the EU jurisdiction.
The document states that in order for approved VASPs in Italy to qualify for listing, all entities must comply with Article 17-bis of the 2008 directive on loan agreements.
Further, any VASP from another EU country must have a permanent establishment or a “stable establishment” in Italy to register as an approved VASP.
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