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Goodcat49

Taxation Side of Bitcoin & Cryptoсurrency in Italy

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Goodcat49

The cryptocurrency regulatory framework in Italy still has many uncertainties, particularly around tax obligations, in addition to anti-money laundering (AML) and financial transparency onuses and obligations. The Italian tax authorities have offered some indications, but tactlessly they are very far away from convincing.

Read the details in the article of Coinidol dot com, the world blockchain news outlet: http://bit.ly/2IE0fyV

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l_abrams

The European Banking Authority urged the European Commission to take the necessary steps towards drafting pan European rules regulating the crypto currency sector recently, could it be response to that?

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Linkkoin
2 minuty temu, l_abrams napisał:

The European Banking Authority urged the European Commission to take the necessary steps towards drafting pan European rules regulating the crypto currency sector recently, could it be response to that?

 

Anyway, it will take months if not years to make such draft.

If they choose directive as a form of legislation, this usually adds additional 2 years for the law to be binding (usually this is the deadline by European Commission for transposing directives into the national law of EU member states). This is the expected way. In our opinion - at least 3 years (but more likely at least 4 years).

Alternatively, if they choose the regulation as a form of legislation (which is directly applicable), it will still require drafting, which is done after long consultations etc. it still will take much time. 

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l_abrams

Thank you for elaborating on it.

Four years is quite a long time, who knows what else will change in that period.

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Linkkoin
14 minut temu, l_abrams napisał:

Thank you for elaborating on it.

Four years is quite a long time, who knows what else will change in that period.

The only way to speed up passing legislation in the European Union is by powerful lobbyists, like eg. Volkswagen group. As of now we do not have such entities in regard to cryptocurrencies. 

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l_abrams
On 4/17/2019 at 4:41 PM, Linkkoin said:

The only way to speed up passing legislation in the European Union is by powerful lobbyists, like eg. Volkswagen group. As of now we do not have such entities in regard to cryptocurrencies. 

There are banks and other financial institutions who would rather see more regulation on cryptocurrencies though.

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Linkkoin
15 godzin temu, l_abrams napisał:

There are banks and other financial institutions who would rather see more regulation on cryptocurrencies though.

Regulations means transparency. Imagine how traditional markets and cryptos would react to the fact that:

1. Banks/financial institutions are on such volatile and risky market

2. Banks/financial institutions could be ones responsible for pump and dump of many cryptos

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