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Virtual assets and digital wallet services providers: the OAM publishes two operating guides

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Italy

As anticipated in our newsalert of 22nd February 2022, pursuant to the Decree of the Ministry of Economy and Finance of 13th January 2022 (the “MEF Decree”), the  virtual assets and digital wallet services providers (the “Virtual Assets Services Providers”) who perform their activity in the Italian territory must submit a request for enrolment under the special section of the currency exchange register (“Registro dei Cambiavalute”) held by the “Organismo agenti e mediatori” (the “OAM”) by serving  a communication.

By way of implementation of the provisions set under the MEF Decree, the OAM, on 14th April 2022, published the operating guides on: (i) the creation of a user account under the OAM web portal (the “OAM Portal”) and (ii) the contents of the notice to be served in connection to the begin of the operativity in the Italian territory, both to be made by the individuals/entities that are required to file an application for enrolment within the special section of the currency exchange register reserved to the Virtual Assets Services Providers.

In particular, the OAM published:
  1. a guide on the creation of a user account under the OAM Portal, clarifying the process aimed at creating the said account and allowing access to a reserved section of the OAM Portal, which will be used to: (i) serve communications concerning the operativity in the Italian territory; (ii) notice changes occurred to the data made available; (iii) submit requests for unenrolment from the special section of the currency exchange register; (iv) serve proof of payment of the mandatory contributions; and (v) verify the contribution payment status vis-à-vis the OAM;
  2. a guide on the notice concerning the operativity in the Italian territory, providing information on the filing for enrolment under the special section of the currency exchange register, which shall be made after having registered within the OAM Portal. In particular, the guide clarifies the operativity information to be made available under the notice form, including information on: (i) the identification data; (ii) the activities and services provided; (iii) the physical locations whereby the services and activities are performed; (iv) the website/s by which the providers operate; and (v) the payment of the mandatory contribution related to the notice to be served in connection with the beginning of the operativity in the Italian territory and, therefore, for the enrolment in the special section of the currency exchange register.
The OAM clarified that the mentioned guides will apply only when the register of the Virtual Assets Services Providers will become operative, i.e. within 18th May 2022.

Moreover, with its Circular no. 41/22 of 21st April 2022, the OAM, besides recalling the provisions set under the MEF Decree, clarified that the amount of the contribution that must be paid by the Virtual Assets Services Providers una tantum (i.e., only once) in connection to the enrolment under the special section of the currency exchange register is quantified in the measure of (i) Euro 500.00 in case the enrolment concerns an individual and (ii) Euro 8,300.00 in case the enrolment concerns an entity. Such contribution is due in order to cover the operating, development and system maintenance costs.

The OAM has finally clarified that it will then be communicated the amount of a further annual fee, of variable amount depending on the operating dimension of the enrolled individual/entity, in order to address the recurring costs incurred by the OAM to maintain the Virtual Assets Services Providers register and manage and maintain the IT system which ensures the data transmissions to be made by the enrolled individuals/entities.



Edited by:
Avv. Carmelo Raimondo
Avv. Raffaele Mollo

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