Crypto-related businesses may become a thing of the Italy as a judge of the Italian Court ruled in decree number: 7556/2018 that businesses utilizing cryptocurrency will not be eligible candidates for registering with the Business Register.
The new was first announced when an Italian Join Stock company by the name of S.r.l (‘società a responsabilità limitata’) found using specific cryptocurrency which was not registered in any of the main exchanges. Even more so, the company refused to register themselves with the Business Register of Italy, although some companies were already using cryptocurrency and were never discriminated from doing so.
As a result, if the specific cryptocurrency is already listed across trading platforms, law enforcement wouldn’t censure, although the cryptocurrency used by S.r.l was already listed across trading platforms, which law enforcement hadn’t censured, but the cryptocurrency utilized by S.r.l is listed under one platform which conflicts the assessment of the country’s economy.
Therefore, the cryptocurrency was right away rejected as not within acceptance.
Article 2465 of the Civil code on the subject of conferment says,
“All asset items must have a measurable economic value… those who confer assets in kind or credits should attach a report containing an indication of the evaluation criteria adopted and the attestation that their value is at least equal to that attributed to them for the purposes of determining the capital share”.
Due to the cryptocurrency used by the business not verifiable objectively the appeal for candidacy did not gain a winnable decree.
The appeal stated that there is uncertainty about the confer-ability of the digital asset types. When credit and intangible assets are conferred, it was contended on why ambiguous assets are not conferred.
The company was ordered to provide access to its credentials and passwords to the court in response to the court’s finding that insufficient data were presented to the registrar to approve their candidacy as a business.
The Italian court has begun to identify with the degree of impact cryptocurrency may have for the Italian economy in the future. Since there economy has become quite inconsistent when handling cryptocurrencies, it’s felt that improved regulation will most likely be required in order to handle this situation in a more stable and consistent manner.
It’s going to be quite interesting to see how this further affects the crypto scene in italy. Will it thrive or deflate over time?
Let us know your thoughts.