An Italian court has remarked that the country needs proper regulations and framework for cryptocurrency and blockchain operations. In the meanwhile, cryptocurrency trading may not be able to enjoy the perks of localized wealth in Italy anymore. According to a recent report, organizations dealing in cryptocurrency procedures are facing troubles in listing themselves officially on the database.
Societa a Responsabilita Limitata (S.R.I), an Italian stock firm, was using unofficial encrypted money and the organization was not registered with Business Register of Italy. The operations deemed illegal in Italy lead to a standoff with authorities since Italian law states that including encrypted money all properties should have some measurable worth i.e. economic value.
The article 2465 of the Italian Civil code explains that traders and companies are required to provide evaluation documents and profit value should be equal or above than the capital share. The article is basically the law that examines whether or not companies operating in the country are beneficial for the economy and thus allowed to be operated in the country.
S.R.I was allowed to present the proof of its value which was made possible by sharing company credentials and passwords in the court after the company was barred from registration, however, it was to no avail in the court.
The court, after examining the company records, remarked about the growing need for regulations and proper framework in the country. The court also expressed that the volatility of the crypto market makes it even an absolute requirement to regulate the market through proper regulations.
Italy is among the few European countries not very keen on adopting the changing economic digital trends and so far there has been no official effort to bring blockchain and crypto related operations under the legal framework.