[co-author: Rebecca Carbone]
The Italian Ministry of Economy and Finance (MEF) has held two rounds to receive feedback on the draft Decree adapting Italian rules to the Regulation (EU) 2023/1114 (MiCAR) and Regulation (EU) 2023/1113 on the Cryptoassets Market. Public consultation has begun. Information associated with transfers of funds and certain crypto assets (TFR).
MICAR and TFR will be published in the EU Official Gazette on 9 June 2023 to establish a harmonized framework at EU level regarding the issuance and transfer of crypto assets, crypto asset service providers (CASPs) and the fight against money laundering. Published in and terrorist financing.
In this context, on 22 February 2024, the MEF launched two public consultations on the draft Decree adapting the Italian regulations to the provisions of MICAR and TFR, and the discretion established for Member States in the two regulations. He also exercised his rights.
The draft Decree on MICAR will, among other things, identify the Italian competent authority for the supervision of crypto-asset issuers and CASPs, specify the sanctions that will be applied in case of violations, and provide specific information regarding the separation of funds and bankruptcy scenarios in certain cases. stipulates the following regulations. Most importantly, the MEF provided clear implications for Italy's transition regime. More specifically, the Virtual Asset Service Providers (VASPs) already registered on the OAM Registry as of December 27, 2024 are:
- If you apply for MiCAR authorization in Italy or another member state before 30 December 2024, you will be able to operate according to the current VASP regime until 30 October 2025 (or the date on which authorization is granted or refused, if earlier) can continue.
- If you do not submit your MiCAR authorization by December 30, 2024, you will be required to close your operations in Italy within that date and will be removed from the OAM register.
up to 1cent In December 2024, VASPs will be required to notify customers and publish on their websites the steps they will take to become MiCAR compliant or how they will manage the termination of existing business relationships.
The Draft Decree on TFR introduces, inter alia, amendments to the Italian AML Legislation and provides provisions regarding enforcement measures, competent authorities and applicable sanctions in the case of transfers to and from self-hosted wallets.
The public consultation is available here and here (in Italian only) and will run until 22 March 2024.
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