Italy2018-05-27T10:43:02+00:00

Italy

Europe

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Italy has a fairly lax crypto market when it comes to regulations as it didn’t regulate crypto or ICOs. It will have to shift its regulations as the EU regulations must be put into effect but it seems like Italy will continue to be a receptive country to ICOs, unless it extends it’s fundraising laws to cover them.

Italy is located in Europe (EU): The countries of the European Union hold a patchwork of individual attitudes towards cryptocurrency regulation, but all of them also fall under the jurisdiction of the EU Commission.

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Cryptocurrency trading in Italy

Italy does not regulate cryptocurrencies and does not have legislation pertaining to this.

In January the EU came out with new directives on cryptocurrencies, asserting that “gaps still exist in the oversight of the many financial means used by terrorists, from cash and trade in cultural artefacts to virtual currencies and anonymous pre-paid cards. This proposal seeks to address those gaps while avoiding unnecessary obstacles to the functioning of payments and financial markets for ordinary, law-abiding citizens and businesses, so balancing the need to increase security with the need to protect fundamental rights, including data protection, and economic freedoms.”

Mostly focused on ending anonymity among the crypto community, and preventing nefarious individuals from buying, funding, or selling orgs or resources. It does include the sharing of company and individual information with public entities at times, and affects exchanges and wallets.

Regulation of ICOs in Italy

Italy does not regulate tokens or ICO´s. However Italy does have a specific legislation on crowdfunding which was approved in 2012 (DL 179/2012) which application and interpretation could be extended to ICO´s, focused on limiting how many funds can be rained (not more than 5 million euros) and requiring some ICOs to issue prospectuses.

The EU regulations on ICOs are likely to change this though.

Cryptocurrency markets in Italy

Italy, despite its lack of regulation, doesn’t not have the crypto community one might expect, with only a few crypto millionaires, and electricity struggles.

IBC’s planning and strategy team can provide expert advice on ICOs in different jurisdictions. If you’re thinking of holding an ICO in COUNTRY and you’d like more information, contact us here.

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