The Latest in Italian Cryptocurrency Regulation: Mandatory Fees for Providers and Exchangers | Jones Day

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 accommodates particulars on:

• Particular procedures that suppliers of cryptocurrency alternate, crypto buying and selling, digital pockets, and, broadly, any digital forex associated providers (“Suppliers”) should observe so as 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 offered 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 excited about enrolling within the particular part of the Register should: (i) have a sound Italian-certified e-mail tackle (posta elettronica certificata); (ii) well timed register within the OAM net portal; and (iii) observe the directions indicated within the particular working information printed on the OAM web site (“Working Information”).

Pursuant to the Round and the Decree, the Register will change into operational on Could 16, 2022, with a 60-day grandfathering interval for Suppliers already lively in Italy. From that date onward, Suppliers should enroll within the Register to hold out enterprise in Italy and, in consequence, implement advert hoc insurance policies and procedures to make sure compliance with the brand new Italian authorized framework. 

In line with the Round, Suppliers should pay a one-off charge (€8,300 for firms and €500 for people). Moreover, Suppliers should pay a variable annual charge, the quantity of which is dependent upon every Supplier’s variety of prospects (OAM is prone to difficulty a separate communication on this subject). 

To adjust to the reporting obligations, Suppliers ought to use a particular 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.