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VASP – Registration Assistance

Starting from 15 July 2022, all virtual asset service providers (so-called “VASP“) must register in the special section of the Registry of Moneychangers held by the OAM (Agents and Mediators Body), the Italian competent authority, in order to continue operate in Italy.

This obligation applies:

  1. to service providers relating to the use of virtual currency, i.e. anyone, natural person or legal entity, providing third parties, on a professional basis, including online, services functional to the use, exchange, storage of virtual currency and their conversion from or into legal tender currencies or digital representations of value, including those convertible into other virtual currencies as well as issuing, offering, transferring and clearing services and any other service functional to the acquisition, negotiation or intermediation in the exchange of the same currencies;
  2. to digital wallet service providers, i.e. any natural person or legal entity who provides, to third parties, on a professional basis, including online, services for safeguarding private cryptographic keys on behalf of their customers, to hold, store and transfer virtual currencies.

In the absence of such a registration, the activity of VASPs is considered abusive.

Studio Morabito offers a complete assistance for entities willing to register in the VASP OAM’S special section and start or continue to operate in Italy. In particular, we offer support in the following activities:

  1. preliminary study of the operator’s activity to analyze whether registration to OAM is mandatory and, as a consequence, the requirements provided for are met;
  2. in case of a foreign company (UE or extra-UE), assistance for the establishment of a necessary legal entity under Italian Law (permanent establishment in Italy or NewCo) to be registered with the OAM;
  3. management of the administrative procedures preparatory to registration with the OAM, such as the creation of a certified e-mail address (PEC), obtaining a digital signature for the legal representative, request for an Italian tax code);
  4. management of the presentation phases and any additions to OAM registration request;
  5. managing contacts with the OAM;
  6. analysis and advice in relation to OAM progressive guidelines concerning obligations of the members;
  7. on-going assistance for tax, regulatory and legal services.

Contact Studio Morabito through the website form for any information or clarification.