Bitcoin, Supreme Court Decides: Cryptocurrency is an Investment

A universe in constant development, but with lines that are far from well defined: it is the universe Cryptocurrency It is a seemingly abstract world but with economic potential unknown to most people. Latest news on Bitcoin It comes directly from the sentence vetoAn intervention aimed at shedding new light on nature Cryptocurrency Above all, identify cases where virtual currency is a financial product if it is purchased for investment purposes.

sentence November 30, 2021in fact, it regulates i Bitcoin Through the rules of financial intermediation (Article 94 ss. TUF). Essential clarifications to ensure investment protection and a unified, not random, organization.

Definition of cryptocurrency

The explosion of virtual currencies has forced management and security agencies to provide a unique definition of these tools. at Directive 2018/843 / EU of May 30, 2018 (In amending the so-called Fourth Anti-Money Laundering Directive), cryptocurrency is considered final where “A representation of digital value that is not issued or guaranteed by a central bank or public body, is not necessarily tied to a legally defined currency, does not have the legal status of a currency or currency, but is accepted by individuals and legal entities as a medium of exchange and can be transmitted, stored and exchanged electronically” .

The investment purposeshowever, they appear for the first time in the Italian legislator’s definition (Article 1 of Legislative Decree 2331/2007 Legislative Decree October 4, 2019, No. 125):
“A digital representation of value, not issued or secured by a central bank or public authority, and not necessarily tied to a legal tender currency, used as a medium of exchange for the purchase of goods and services or for investment purposes and their electronic transmission, archiving and negotiation.”

Supreme Court ruling

Once the legislative starting points for these are clarified virtual machinesand operational roles “exchanger”The Court of Cassation He set legal boundaries for this problem, also noting the possible criminal consequences of inappropriate behavior.

These are the conclusions reached:

“However, this Court (Section 2, Sentence No. 26807 of 09/17/2020, De Rosa, Rv.279590-01) has determined that when the sale of Bitcoin is announced as a genuine investment proposal, you have activity with due regard to the obligations indicated in Articles 91 et seq. of the TUF (“CONSOB exercises the powers provided for in this part with regard to the protection of investors as well as the efficiency and transparency of the corporate control market and the capital market”), the omission of which would incorporate the existence of an offense referred to in Article 166 paragraph 1 letter c) TUF (which penalizes anyone who offers out of office, promotes or offers financial products, financial instruments, services or investment activities through telematics technologies); therefore, at the present time, bitcoin can be considered a financial product if it is purchased for investment purposes: Regulation of virtual currency, when it assumes the functionality, and this is the concrete reason, of an investment instrument and, accordingly, of a financial product, with the rules of financial intermediation (Article 94 ss. TUF), ensuring investment protection by a unified system of a special law.

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