Digital currency exchanges in Italy are not required to Coerce
anti-money laundering policies, A/c to the country's central bank.
Banca d'Italia issued three notices on 30th January advising financial institutions to not hold & deal in digital currencies in the absence of a "Regulatory regime"
However, one of the notices, from the bank's Financial Intelligence Unit, clarified that businesses dealing in the exchange of digital and fiat currencies are not required to comply with anti-money laundering rules.
"The use, exchange and storage of digital currencies and their conversion to legal currencies are not addressed by the money-laundering legislation and therefore are not required to comply with requirements of customer data recording and reporting of suspicious transactions,"
the notice says.
However, the bank did strongly encourage firms dealing in digital currency exchange to voluntarily apply AML rules.
The bank's overall position is in line with statements about digital currencies made by the European Banking Authority last July and first set out by the European Central Bank in December 2012.
Banca d'Italia issued three notices on 30th January advising financial institutions to not hold & deal in digital currencies in the absence of a "Regulatory regime"
However, one of the notices, from the bank's Financial Intelligence Unit, clarified that businesses dealing in the exchange of digital and fiat currencies are not required to comply with anti-money laundering rules.
"The use, exchange and storage of digital currencies and their conversion to legal currencies are not addressed by the money-laundering legislation and therefore are not required to comply with requirements of customer data recording and reporting of suspicious transactions,"
the notice says.
However, the bank did strongly encourage firms dealing in digital currency exchange to voluntarily apply AML rules.
The bank's overall position is in line with statements about digital currencies made by the European Banking Authority last July and first set out by the European Central Bank in December 2012.
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