Interesų grupė
______________________________________________________________________________________________________ • Cryptovalues Società Consortile a R.L. • Corso di Porta Romana, 61 • Milano • 20122 • P. Iva 10428020969 • Milano 01.06 2021 CryptoValues Società Consortile a r.l. Corso di Porta Romana, 61 20122 Milano (MI) Key factors are (i) CLEAR DEFINITIONS and (ii) COMMON AND WELL-COORDINATED RULES AMONG MEMBER STATES. A purpose, declared into the impact assessment related to this Public Consultation, is “Avoiding duplication and inconsistencies among national practices is essential when it comes to streamlining administrative cooperation. Cooperation has to be based on common rules and ways of working”. We consider that this is a key factor for the success of this initiative.
…based on common rules and ways of working”. We consider that this is a key factor for the success of this initiative. In order to achieve this outcome, we consider that a precise regulation should necessarily be well-coordinate with other legislative initiatives concerning crypto-assets, namely the proposal for a MICA directive and the rules set forth in the AML directive. A lack of coordination between the several set of rules would risk to hinder the purpose of this initiative, to increase confusion rather than clarity and, eventually, to provide grounds for disparities and room for regulatory and/or tax arbitrages among the Member States. The relevant directives should be as detailed as possible, in order to reduce disparities generated by the implementation in the several Members States’ legislations. Harmonised rules on penalties should also be preferred, where possible.
…in the several Members States’ legislations. Harmonised rules on penalties should also be preferred, where possible. Any action should also be aligned, to the better extent, with ongoing work being undertaken by the OECD and the FATF on the regulation of cryptocurrencies. We recommend that a clear definition of crypto-assets be included in the DAC8 Directive, including a distinction among the diverse types of crypto-assets, as well as in the MICA directive. This should facilitate certainty, consistency and uniformity across the EU. Differentiation of various classes of assets based on their utilization, technological design and core characteristics could enable the targeting and limitation of the scope of exchange of information based on their different risk profiles.
…enable the targeting and limitation of the scope of exchange of information based on their different risk profiles. The definition currently found in the AML directive should then be amended accordingly, in order to achieve proper coordination. Precise scoping is also relevant for determining which intermediaries would be tasked with reporting. It is however important that such regulations not be overbroad and prohibitively complex so as to stifle crypto as an important component of financial services industry. Tax compliance should be achieved, without requiring abnormal duties to the crypto industry. We are concerned that the DAC8 Directive could result in an adverse legal landscape across the EU, with prohibitive compliance burdens that suffocate the industry’s development across Member States.
…across the EU, with prohibitive compliance burdens that suffocate the industry’s development across Member States. In fact, the crypto industry contains a multitude of initiatives headed by start-ups, which could face exorbitant costs. It is important to ensure that they can handle the measures imposed on them and that these measures do not impede the growth of the industry and its participants. Ref. Ares(2021)3695109 - 04/06/2021 ______________________________________________________________________________________________________ • Cryptovalues Società Consortile a R.L. • Corso di Porta Romana, 61 • Milano • 20122 • P.
Cryptovalues Società Consortile a R.L. • Corso di Porta Romana, 61 • Milano • 20122 • P. Iva 10428020969 • The introduction of a one-stop-shop simplified regulation field for SMEs should be seriously considered – allowing for a simplified approach for dealing with AML issues, regulatory issues and cooperation among Member States – in order to obtain a proper balancing between rules and industry development. A proper coordination of the proposed regulations with those regarding the banking and financial institutions is also recommended, in other to avoid, on the one hand, unjustified disparities and, on the other hand, a duplication of informative duties which could ultimately result in fragmentation and different outcomes.
…other hand, a duplication of informative duties which could ultimately result in fragmentation and different outcomes. In other words, it is reasonable, for example, to assume that the intermediaries involved in cryptocurrency transactions, such as the custody and administration of the aforementioned financial instruments, as well as the collection and execution of the related orders, are subject to the same reporting obligations provided for by DAC6. Furthermore, a regulatory system that regulates the case of holding cryptocurrency on the wallet and without the intermediary is desirable. In this case, it is considered appropriate to have an adequate regulatory framework that allows taxpayers who have invested in cryptocurrency to proceed with the regularization of bearer financial instruments without necessarily incurring penalties for lack of transparency.
…the regularization of bearer financial instruments without necessarily incurring penalties for lack of transparency. The possibility to hold crypto-assets in “cold wallets” without the involvement of a crypto-asset service provider should also be properly taken into account, as well as the possibility to buy and sell crypto-assets in decentralized exchanges should properly be taken into account. Therefore, Cryptovalues, the first European consortium that connects and collaborates with a variety of institutional and corporate figures operating in the cryptocurrency market, welcomes the opportunity to engage in a dialogue and partner with the European Commission to assist with its initiative to develop policies that properly regulate the crypto- asset and e-money sector, while considering the aforementioned issues to further elaborate on them.
…the crypto- asset and e-money sector, while considering the aforementioned issues to further elaborate on them. Federica Rocco Ceo Cryptovalues Contacts: [email protected] Telefono: +39 3337336556