Bank of Italy Cracks Down on Cryptocurrency Transactions to Combat Sanctions Evasion

The Bank of Italy has issued a warning to cryptocurrency operators in Italy, requiring them to conduct thorough checks on all transactions, regardless of their value.

This move is aimed at preventing the evasion of international sanctions, which are becoming increasingly stringent. The bank's instructions follow guidelines set by the European Banking Authority (EBA), which dictate that all transactions involving cryptocurrencies must be screened against lists of sanctioned individuals and entities.

The Bank of Italy has made it clear that no transaction, regardless of its value, can be exempt from screening. This means that even small transactions below a certain threshold will still need to be checked for sanctions compliance.