. Dr. Cristina DI SILVIO was present
On the occasion of the 2022 Report of the CRYPTOVALUES Permanent Observatory: "CRYPTO-ASSET MARKET OUTLOOK 2022" which was held on November 21, 2022 in the Sala del Refettorio of San Macuto with the patronage of the Luigi Einaudi Foundation, Dr. Cristina Di Silvio was present as Legal Advisor of the INTERNATIONAL INSTITUTE for DIPLOMATIC RELATIONS COMMISSION FOR HUMAN RIGHTS, registered at the Department of Economic and as Social Affairs of the United Nations and Director of International Relations for the European Community, UNITED STATES FOREIGN TRADE INSTITUTE.
The conference was an opportunity to reflect on the results of the Observatory's research activity which will be published annuallyin a Report. For the year 2022 it was edited by Prof. Filippo Annunziata and by the lawyer Andrea Conso, at the head of an interdisciplinary group born in 2017 and composed of Dr. Francesco Avella, of the lawyer Andrea Bernuto, by Dr. Marco Civiero, by the lawyer Roberto Ferretti, by Prof. Andrea Minto, by Dr. Donato Varani and by Dr. Sara Zaltron.
Dr. Federica Rocco of the CryptoValues Consortium,introduced the speeches of the speakers by asking a question: "What rules and conditions for the development of the crypto-asset market in Italy?".
Dr. Sergio Boccadutri, of the Luigi Einaudi Foundation, in hisopening speech recalled how the Report of the PermanentObservatory of the CryptoValues Consortium is a scientificreflection on a phenomenon that has led to changes in all sectorsof the economy, in particular financial and payment methods. Hence the need to divide the Report into three Parts: the First Part provides information on the crypto-asset market, the Second Part analyzes the regulations in force with an examination of the MiCA(Market in Crypto-Assets) regulation proposal and the Third and last Part identifies "open topics" including the training of the Authorities and users, what to do in the face of regulatoryarbitrage, how can the entry into force of the MiCA regulation and the Digital Finance Package be competitive in Europe and finallythe tax regime of crypto- activities.
Speaking on videocall to the discussion, the Hon. Fabio Massimo Castaldo, Member of the European Parliament, highlighted the evolution of the European legislation on crypto-assets arguinghow the MiCA regulation aims to introduce a directly applicableregulation of crypto-assets in all the States of the Union and intended to replace the corresponding national regulations thatmay exist.
According to the lawyer Andrea Conso, of Annunziata & Conso, it is necessary to regulate and accompany the growth of the crypto-asset market in a harmonious way. In fact, the misalignment of the regulatory regime has partially penalized the operators of our country. Suffice it to recall that the ItalianLegislator felt the urgency to bring forward the implementation of the provisions of the Fifth Anti-Money Laundering Directive. It istherefore necessary to draw the attention of legislators and regulators to the need to refrain from uncoordinated interventionsboth in the phase prior to the entry into force of the Europeanstandards and in the subsequent period.
Dr. Francesco Avella, of Studio Avella, declares an organic fiscal discipline constitutes a fundamental ingredient for creating growthand development of the domestic entrepreneurial fabric, for protecting users of crypto-assets to avoid tax disputes otherwisefueled by uncertainties. It should be completed with an equallyorganic VAT and taxation discipline. It is therefore essential to dedicate adequate resources to the continuous training of allstakeholders, starting from the users to get to the operators and those who have the task of regulating this market, dictating the rules and implementing the controls that these require.
Dr. Federico Luchetti, of the Agents and Mediators Body, wanted to underline that in the Italian context, in order to operate in the cryptocurrency services sector, a special section of the Money Changers Register was set up, held by the Agents and Mediators Body, intended to contain information about service providers.
Dr. Enea Franza, Consob Director, focused his contribution on the Report published by Consob in 2020 which clarifies thatcryptocurrencies must be analyzed in the light of existinglegislation and that the legal qualification must be made followingthe division between security, payment and utility tokens.
Dr. Cristina Di Silvio, with the consideration that the expansiveand pervasive technology of the crypto world can register and harmonize in the traditional financial market with a transnationalreach, marked the conclusion of the event.
Written by Dr. Michela Cialini
