Crypto news: Italy launches two public consultations on draft decrees on MICAR and TFR | Hogan Lovells
[co-author: Rebecca Carbone]
The Italian Ministry of Economy and Finance (MEF) opened two public consultations to receive feedback on the draft decrees adapting Italian rules to Regulation (EU) 2023/1114 on markets in crypto-assets (MiCAR) and Regulation (EU) 2023/1113 on information accompanying transfers of funds and certain crypto-assets (TFR).
The MICAR and the TFR were published in the EU Official Gazette on 9 June 2023 in order to establish an harmonized framework at the EU level on the issuance and transfer of crypto-assets and on crypto-asset service providers (CASPs) and combat money laundering and terrorist financing.
In this context, on 22 February 2024, the MEF launched two public consultations on the draft decrees adapting Italian rules to MICAR and TFR provisions, also exercising the discretionary powers set out for Member States in the two Regulations.
The draft decree on MICAR, among other things, identifies the competent authorities in Italy for the supervision of crypto-assets issuers and CASPs, sets out applicable sanctions in case of non-compliance and specific provisions for funds segregation and bankruptcy scenarios in particular cases. Most importantly, the MEF provided clear indications on the transitional regime in Italy. More specifically, virtual assets service providers (VASPs) already enrolled in the OAM register at 27 December 2024 which:
- apply for a MiCAR authorisation in Italy or in another Member State within 30 December 2024 may continue to operate according to the current VASP regime until 30 October 2025 (or the date in which the authorisation is granted or denied, if earlier);
- do not submit a MiCAR authorisation within 30 December 2024 would have to terminate their business in Italy within that date and would be cancelled from the OAM register.
By 1st December 2024, VASPs would also have to inform their clients and make available on their website the steps they would take to comply with MiCAR or, alternatively, how they would manage the closure of existing business relationships.
The draft decree on TFR introduces amendments to, among other things, the Italian AML decree and set outs provisions on enhanced measures to be applied in case of transfers to/from self-hosted wallets, on competent authorities and on applicable sanctions.
The public consultations, available here and here (in Italian only), will be open until 22 March 2024.
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