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New Singapore regulation: expert analysis
13 June 2019 / Alexandra Boguslawskaya
The regulation of blockchain projects and cryptocurrencies is the responsibility of Commissione Nazionale per la Società e la Borsa (CONSOB), Tax Agency (Agenzia Entrate), Ministry of Economic Development (Ministero dello sviluppo economico). There are no noticeable contradictions in the approaches of the various regulators, as well as discrepancies in the legal status of legal relations connected with the crypto industry.
The regulation of blockchain projects and cryptocurrencies is the responsibility of Commissione Nazionale per la Società e la Borsa (CONSOB), Tax Agency (Agenzia Entrate), Ministry of Economic Development (Ministero dello sviluppo economico). There are no noticeable contradictions in the approaches of the various regulators, as well as discrepancies in the legal status of legal relations connected with the crypto industry.

Italy has no special legislation regulating the activities of blockchain projects and cryptocurrencies. However, there is regulation by analogy and soft instruments of regulatory bodies, while certain legal relations are regulated by special legislative acts. At the same time, part of the activities remain unresolved.

Regulation by analogy is carried out in accordance with the Consolidated Income Tax Act (1986) Legislative Decree No. 633 "Creation and Regulation of the Value-Added Tax" and Legislative Decree No. 231. The special legislation concerns AML and smart contracts that are regulated by Legislative Decree No. 90 "On the Implementation of EU Directive 2015/849 on Preventing the Use of the Financial System for Money Laundering and Terrorism Financing and to Amend EU Directive 2005/60 and Repeal EU Directive 1781/2006" and Amendments 8.0.3. to Senate Act No. 989, respectively.