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Companies in Italy that use cryptocurrency may no longer enjoy the traditional advantages of a decentralized economy. According to reports, companies based on the cryptographic mechanism or using cryptocurrency will not be able to register their business with the Business Register.
The news broke out for the first time when an Italian limited company, called S.r.l ("limited liability company"), took over the use of a specific cryptocurrency that has not been registered in any of the main stock exchanges. In addition, the company refused to register with the Business Register in Italy – although several other companies that already use cryptocurrency have never been discriminated against. As a consequence, if the specific cryptocurrency is already listed among the trading platforms, the forces of the order do not censor, but the cryptocurrency used by S.r.l is listed under a platform that contradicts the assessment of the economy of the country. According to the legal bureaucracies that deal with the cryptocurrency "All the elements of the asset must have a measurable economic value".
In addition, article 2465 of the Italian Civil Code relating to conferment States;
Those who confer assets in kind or credits must attach a report containing an indication of the valuation criteria adopted and the attestation that their value is at least equal to that attributed to them for the purpose of determining the share of capital " .
He says that while the cryptocurrency is used on a single platform, it has shown "uncertainty about the transferability of types of assets". However, the digital asset is also not objectively verifiable and therefore asks why ambiguous resources can be managed within the territory.
Following the application of the company, the court requested materials that should have examined the business and approved its commercial operation with the business register. However, the company failed to provide sufficient materials and therefore S.r.l would not have been registered in the business register. Since cryptocurrency is decentralized in nature, it is rather difficult to deal with companies that use cryptocurrency within the nation. Furthermore, the court believes that the "improved regulatory frameworks" are necessary to effectively manage the encryption processes within the country.
Summary
Item name
The Italian court denies the registration of companies that use cryptocurrency
Description
Companies in Italy that use cryptocurrency may no longer enjoy the traditional advantages of a decentralized economy. According to reports, companies based on the cryptographic mechanism or using cryptocurrency will not be able to register their business with the Business Register.
Author
tabassum
Publisher name
Coingape
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The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication has no responsibility for personal financial loss.
