The Firm on the legislative innovations regarding cryptocurrency for Il Sole 24 Ore.

With two contributions published by Il Sole 24 Ore, Fabrizio Cancelliere and Giulio Tombesi comment on two important legislative innovations regarding cryptocurrency, virtual currency and other form of digital representation of the value: (i) the ministerial decree 13 January, which provides the implementing provisions of the EU Directive 2018/843 on the register of service providers which operate in Italy in relation to virtual currencies (exchangers) and digital wallets (wallet providers), and (ii) the bill AS 2572 presented to the Senate, which proposes the first Italian tax regulation regarding virtual currencies, both for the purposes of direct taxation and for anti-money laundering and tax monitoring obligations, in line with the need for regulation at international level, where both the OECD and the European Union have launched proposals, currently under discussion, for the adaptation, respectively, of the “Common Reporting Standard” on the exchange of information (“Crypto-Asset Reporting Framework and Amendments to the Common Reporting Standard” – “CARF”) and of the EU Directive on Administrative Cooperation between States (“DAC8”), to the new phenomenon of crypto assets.