Bank of Italy has given a surprising judgement. According to the official announcement, because of suspected money laundering, the Bank of Italy classifies Bitcoin peer-to-peer services as “crime-as-a-service.”
A document published earlier today from the organization refers to services that enable anonymous Bitcoin purchasing and selling as “crime-as-a-service,” referencing Satoshi Spritz events in particular.
Bank of Italy Raises Questions on Crypto P2P Trading
The main bone of contention for Bank of Italy is the methods people employ to hide the source of illegal payments. In order to make it more difficult for law enforcement and regulatory bodies to identify users, money launderers would intentionally target platforms that do not carry out Know Your Customer (KYC) procedures.
Since crypto payments give an easy way out of money laundering activities, the new declaration from Bank of Italy stems from the rise in money laundering activities via crypto.
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The Bank of Italy has particular worries in this regard with services that it classifies as “crime-as-a-service.”
In the context of peer-to-peer transactions, the Bank of Italy also mentions “Satoshi Spritz” events, which are open-air meetings where participants can trade Bitcoin for fiat money, goods, or services. The Satoshi Spritz initiative, which aims to educate and unite passionate individuals in the industry, is actually the result of community volunteers.
Italy’s Previous Measures to Reduce Tax Hikes For Crypto Transactions
The administration of Italian Prime Minister Giorgia Meloni was just previously working on a proposal to reduce upcoming tax hikes on cryptocurrency transactions.
The modification, which was presented by League, one of Meloni’s coalition partners in government, caps the planned crypto profits levy to 28% instead of the original 42%.
According to industry leaders, the tax, which is currently at 26% and even at the planned 28%, will make Italy less competitive in the EU crypto market.
Italy Likely Set For A Growth In Crypto Markets
It is anticipated that Italy’s cryptocurrency sector would generate US$1,247.0 million by 2024. At present, Bitcoin is the most popular digital asset among Italian investors, and the country is seeing a boom in the use of cryptocurrencies.
Additionally, the market for cryptocurrencies in the nation is predicted to generate an average revenue per user of US$68.9 by the year end of 2024.
By 2025, it is anticipated that there will be 18.18 million users in Italy’s cryptocurrency sector. During the same course of time, it is anticipated that the user penetration rate will have risen to 31.07% from 30.85% in 2024.