Bitcoin exchange agreements must comply with consumer protection rules, Italian court holds

images1On January 24, 2017, a court of Verona (Italy) relied on the European Court of Justice’s decision in Case C‑264/14 to hold that the transactions in which a traditional currency is exchanged for units of Bitcoins and vice versa are “supply of services for consideration” contracts. Indeed,  Bitcoins are given in return for the “payment of a sum equal to the difference between, on the one hand, the price paid by the operator to purchase the currency and, on the other hand, the price at which he sells that currency to his clients”.

The court concluded that the supplier in the exchange transaction (in this case, a website owner) must comply with the law regulating financial transactions with consumers.

More information on the judgment 195/2017 of the Tribunale di Verona in case with RG 14185/2014 is available at http://www.dirittobancario.it…

For more information on bitcoin and related issues, contact Francesca Giannoni-Crystal. Thanks to Federica Romanelli.

Follow us on& Like us on