By May 18, 2022, the new special section of the register administered by the Italian authority dealing with financial agents and brokers, Organismo Agenti e Mediatori (OAM), will be ready for cryptocurrency and digital wallet service providers, with the aim of monitoring cryptocurrency exchanges and implementing anti-money laundering controls. OAM’s register will be ready to enrol Italian and foreign entities providing (or intending to provide) cryptocurrency and digital wallet services in Italy and foreign entities will not be allowed to provide these services on a cross-border basis to the territory of the Republic of Italy.

Enrollment in the OAM’s Register Special Section requires the following:

• for natural persons: residence in the territory of the Republic of Italy
• for legal persons: a legal and administrative office in Italy, or a permanent establishment (i.e. a branch) in Italy for EU entities.

Any entity intending to start providing cryptocurrency and digital wallet services in Italy must send the OAM an electronic communication with the information specified in the decree of the Italian Ministry of Economy and Finance.

All entities that are operating in Italy as of January 13, 2022, must send the information mentioned above to the OAM within 60 days from the establishment of the OAM’s Register Special Section. These entities can continue to operate pending the enrollment process only if at the date the special section is set-up they meet the requirements listed above. If they fail to meet this deadline, any cryptocurrency services they continue to provide will be considered unauthorized.