Italy Unveils Law to Combat Criminal Use of Cryptocurrencies

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Last week, the Italian authorities published a law aimed at combatting money laundering through digital currencies in the country.

The document, which was approved by the government in January, lists the requirements for crypto companies providing digital asset exchange services.

Each crypto company must comply with the 5th directive of the European Union against the criminal use of tokens, as well as the requirements of the Financial Action Task Force (FATF).

Companies must be licensed, after which they will automatically enter the register of blockchain enterprises. Registration is required for those companies wishing to provide services to Italian investors in a legal way.

Over the past few years, the number of businesses providing token exchange services has grown significantly in Italy.