A crypto license in Italy is needed to open a company dealing with digital money transactions. In this sense, our team of Italian agents can provide assistance and guidance throughout the process. This article presents information about how to open a crypto company in Italy and the requirements in this sector.
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Types of activities available for cryptocurrency companies in Italy
Both companies and individuals who want to open a cryptocurrency company in Italy must follow the company registration process which is quite simple. However, there are a few challenges that should be surpassed when choosing the activities of the company. Among the undertakings a cryptocurrency company carries in Italy are:
- cryptocurrency mining activities;
- cryptocurrency trading or investment activities;
- accepting cryptocurrency payments;
- creating cryptocurrencies through blockchain technology.
The main aspect to consider if you want to open a crypto company in Italy is the anti-money laundering regulations imposed by the local government and by international organizations. Our company incorporation agents in Italy can assist with the formation procedure of the company. Plus, they can help you apply for a crypto license in Italy.
Registering a cryptocurrency business in Italy
The registration procedure of a cryptocurrency company is a standard one and implies preparing and filing the documents required by the Commercial Code with the Trade Register. The creation, use, or sale of cryptocurrency is subject to crypto license in Italy before starting the activities. Moreover, these companies must keep proper accounting records and file the necessary documents with the tax authorities. Feel free to get in touch with our team when applying for a Virtual Asset Service Provider (VASP) license in Italy.
The Fourth Anti-Money Laundering Directive in Italy
As mentioned above in the article, there is no specific legislation for cryptocurrency, but there is an anti-money laundering regulation for virtual currency transactions. This is called the Fourth Anti-Money Laundering Directive in Italy, which was included in Decree No. 90 of 2017 and which mentions:
- There are risks related to the use of cryptocurrency, given that there is no legal framework. The anti-money laundering law and its implications must be respected.
- Emphasis is placed on private data in virtual currency transactions. Customers should benefit from security when using crypto exchanges. Compliance with the General Data Protection Regulation by the European Union is required.
- It also mentions the penalties for those who develop cyber attacks involving virtual currency. Imprisonment of up to 6 years is imposed for such crimes.
Therefore, those interested in a business in this field must also consider the rules mentioned above. Businessmen will also need a crypto license in Italy to be able to open a crypto company. Talk to us for more details about how to open a company in Italy and related procedures of registration.
New decree for cryptocurrency in Italy
The Ministry of Economy and Finance in Italy released a decree referring to the enrollment in a special section of those that offer cryptocurrency services in this country. Organismo Agenti e Mediatori or OAM is the institution that closely monitors the implementation of anti-money laundering laws, as well as virtual currency transactions in Italy.
Basically, everything related to digital currency, wallets, cryptocurrency providers, and attached services must be registered with the above-mentioned agency before any such operation. So, if you want to open a crypto company in Italy, you must consider registering with OAM, as mentioned in the most recent decree. We mention that our company formation agents in Italy are at your disposal with support for the formalities related to a Virtual Asset Service Provider (VASP) license in Italy. We assist foreigners in setting up a company in Italy in the desired field of business.
Taxation of cryptocurrency in Italy
We present below some information about cryptocurrency taxation in Italy:
- 26% tax rate is imposed on crypto gains above EUR 2,000. This tax rule was implemented in Italy in 2023.
- The Italians also have another alternative in terms of cryptocurrency taxation. This is the 14% substitute value tax rate on the declared value of digital assets in Italy.
Those who want to obtain a crypto license in Italy and carry out their activities of this kind in this country should comply with the legislation in force and the changes made. Our specialists in company formation in Italy can guide you in this regard.
Is there a tax imposed on employee wages in cryptocurrency in Italy?
The Tax Law in Italy does not mention a specific tax for those with salaries paid in cryptocurrency or other compensation related to employment in this country. We also specify that any digital currency obtained can be incorporated in the individual taxable base at its value on the day an employee receives it. We recommend our services to those interested in a crypto license in Italy if they want to make salary payments in virtual currency. We can help you obtain the Virtual Asset Service Provider (VASP) license in Italy.
The obligation to declare cryptocurrency to the Italian tax authorities
The legislation concerning cryptocurrency in Italy is clear regarding income declarations. Persons dealing with cryptocurrency in Italy must also declare this, respectively the value of assets in each fiscal year. In this case, we emphasize that the lack of these declarations brings with it penalties of up to 15% of the value of crypto assets held.
Statistics on cryptocurrency in Italy
We present some interesting data about the cryptocurrency sector in Italy, to give you an idea if you are thinking of investing in this field:
- According to a report made this year, the percentage of Italians who invest in cryptocurrencies increased between 2022 and early 2024, from 8% to 18%.
- Total revenues in cryptocurrency of about EUR 641 million by 2028 are estimated.
- Until 2028, it is estimated that crypto users in Italy will be over 10 million.
We advise you to use our services if you want to start a business in Italy. Moreover, our accountants in Italy can offer you dedicated services right from the start. For example, payroll in Italy is one of the important accounting services we provide. Do not hesitate to contact us to find out more about company incorporation in Italy.