Cryptocurrencies: platforms in the sights of the GdF

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by Fta

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Cryptocurrency platforms will soon be required to send customer transaction data to a special register open to Guardia di Finanza and police forces every three months. This was established by a draft of the decree of the ministry of economy and finance.

Cryptocurrency platforms will soon be required to send customer transaction data to a special register open to Guardia di Finanza and police forces every three months. This was established by a draft of the decree of the ministry of economy and finance.

Oam special register cryptocurrency platforms

As reported by ItaliaOggi, the decree will give the green light to the creation of a special register at the Oam (Body for the management of the lists of financial agents and credit brokers) where the platforms, i.e. service providers, must register. virtual currencies or exchanges, and digital wallets (wallets) that wish to operate legally in Italy.

From the Binance case to the Consob squeeze

With the Binance case, Consob reaffirmed its role in monitoring the markets and especially in the cryptocurrency race.

Binance, the largest cryptocurrency exchange in the world, was overwhelmed by a class action brought by a group of Italian and international investors led by Lexia Avvocati, in collaboration with the Swiss Blockchain Consortium.

On February 8, a tweet from Elon Musk announcing a $ 1.5 billion investment in bitcoin by Tesla caused a monstrous rise in the cryptocurrency. However at that time and in the following hours, Binance has stopped trading and the ability to access the site for investors and many of them have suffered large losses.

After this affair, Consob has established that Binance is not authorized to operate in Italy, inviting investors

to exercise the utmost caution in carrying out transactions on instruments related to crypto-assets (crypto-assets) which may result in the complete loss of the sums of money used.

Consob also recommends always adhering to the general rule of considering adherence to contractual proposals only when there is an adequate understanding of them and only when they are supported by clear and complete information also on the identity of the contractual counterparty who possibly proposes itself as a lender. of a service.

More checks on cryptocurrency platforms

The Authority sets the guidelines that from now on all cryptocurrency platforms (and trading platforms in general) must comply with:

“It is important that savers are informed that transactions in instruments related to crypto-assets may present risks that are not immediately perceptible, due to their complexity, the high volatility of the prices of these instruments as well as the malfunctions and cyber attacks they may be subject to the IT infrastructures used for these operations “

With reference to cryptocurrency platforms, the decree of the ministry of economy and finance establishes that the data reported in the special register can be checked by the currency police and by the financial police. But what data will be under the lens?

Customer data under the lens

The cryptocurrency platforms will send the data relating to all the operations carried out on the Italian territory to the OAM electronically. In particular, the following must be sent on a quarterly basis:

  • customer identification data,
  • summary data of the operations performed by each customer.

Specifically, these data must be sent by the 15th day of the month following the reference quarter, with the technical procedures established by the Oam, which will keep the documentation received for ten years.

Abusive cryptocurrency platforms

Only the subjects registered in the special section of the computerized public register, held by the OAM, will be able to exercise the services relating to cryptocurrencies and digital wallets.

Platforms and service providers that already carry out the activity (including online) on the Italian territory must make the communication within sixty days of starting the register section. Otherwise, the activity carried out will be considered abusive.

Every six months, the OAM will then have to transmit to the Ministry of Economy and Finance a report with the aggregate data of the platforms registered in the register. The Oam will have up to 90 days from the entry into force of the decree to start the management of the special section of the register.

All these data will then be verifiable by the currency police and the finance police.

(Claudia Cervi)

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