Agenzia delle Entrate, the Italian Inland Revenues service, said that the utility tokens awarded during an ICO (Initial Coin Offering) are Vat-free, CrowdfundingBuzz reported (see here a previous post by BeBeez). Furthermore, AE said that the exchange of cryptocurrencies in traditional currency and viceversa are VAT-free too. More in detail, on the utility token assigned VAT is not payable at the time of purchase of the token, but at the time of purchase of the asset or service that the token incorporates. The same principle applies to personal income purposes: the value of the token is taxable when the purchaser uses it to use the good or service.
Consulcesi Tech, a Swiss high tech company, launched ConsulCoin Cryptocurrency Fund, a Malta-fund for institutional investors interested in cryptocurrencies that will be part of Magiston Funds Sicav (see here a previous post by BeBeez). Consulcesi Tech is a provider of blockchain solutions, that spun-off from Consulcesi Group, a provider of legal counsel and assistance to health care companies. Consulcesi Tech analysed the volatility of cryptocurrencies in the last 18 months together with financial firms Core Asset Management sa; Aurum Trust & Finance sa; Mashfrog, a fintech company that launched the first European ICO in the RoboAdvisor sector; Link Campus University of Rome. Massimo Tortorella is the chairman of Consulcesi Group.
Milkman, an Italian smart logistic start-up, raised 6.4 million of euros through an Investment round that Vertis Venture 2 Scaleup led and P101 and 360 Capital Partners joined (see here a previous post by BeBeez). Antonio Perini founded Milkman in 2015 together with Tommaso Baù. Perini is a serial entrepreneur that launched also Cortilia (a portfolio company of P101) and Workwave Route Manager (fka Viamente). Milkman will invest these resources in consolidating its organic growth. This year, the company foresees to generate revenues worth 7 million and its list of clients includes Easy Coop, Eataly, Nespresso, and Zara.
Travel Appeal, an Italian start-up that collects data about the travel sector through the Artificial Intelligence, closed a capital increase of 3 million of euros (see here a previous post by BeBeez). Indaco Ventures Partners and Dutch fund Airbridge Equity Partners joined this A round. Davide Turco heads Indaco. Travel Appeal will invest such resources for expanding its business internationally and imporving further its proprietary technology for generating sales of 25 million by 2021. Antonella Beltrame, a partner of Indaco Venture Partners, said that the firm carried out such an investment grace to the partnership it signed with growITup, the Open Innovation platform of Cariplo Factory, an innovation hub that Fondazione Cariplo andMicrosoft Italy launched.
Guber Banca launched Deposito102 an online saving account for retail investors (see here a previous post by BeBeez). Guber Banca will invest the resources raised in supporting its own fintech activity, said Francesco Guarneri, ceo of the company that he created with Gianluigi Bertini. The co-founders hold 66.7% of the firm, while the remaining 33.3% belongs to US fund Varde Partners since March 2017.