Italy to Introduce Stricter Measures to Regulate Cryptocurrency Market
Italy is set to roll out new regulations aimed at preventing market manipulation and bolstering security within the cryptocurrency sector.
A draft decree, expected to receive cabinet approval today, outlines hefty fines ranging from 5,000 euros ($5,400) to 5 million euros for offenses such as insider trading, unauthorized disclosure of inside information, or market manipulation.
These measures align with the European Union’s Crypto Asset Markets (MiCA) regulatory framework, which mandates clear oversight responsibilities for local regulators, known as National Competent Authorities (NCAs).
Italy’s central bank and market watchdog Consob are slated to assume these regulatory roles under the proposed decree, as reported by Reuters.
READ MORE: Brazil Tightens Oversight of Foreign Crypto Exchanges
Despite limited cryptocurrency ownership among Italian households and minimal exposure of local intermediaries to the market, Italy has been proactive in aligning with MiCA guidelines. Recent steps include mandatory registration requirements for crypto firms operating in the country.
However, concerns have arisen over lax approval processes, with reports indicating that 73 virtual currency service providers were accredited without rigorous investor protection checks.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
