Changes Ahead for Italy’s Crypto Market
The Italian government intends to tighten control over the cryptocurrency market, including imposing hefty fines of up to €5 million for insider trading and asset manipulation. The proposed decree is pending approval from the Council of Ministers.
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The Italian government intends to tighten control over the cryptocurrency market, including imposing hefty fines of up to €5 million for insider trading and asset manipulation. The proposed decree is pending approval from the Council of Ministers.
These new measures are being introduced ahead of the implementation of the European cryptocurrency regulation (MiCA). Additionally, officials aim to designate the Bank of Italy and the market watchdog Consob as local cryptocurrency regulators, as required by European legislation.
Notably, according to the central bank, only 2-3% of Italian households own cryptocurrencies, and the number of local trading platforms is very limited. However, the government has approved at least 73 foreign virtual asset providers.
Previously, Binance France faced challenges due to the upcoming MiCA regulations, forcing it to exclude Changpeng Zhao (CZ) from its list of shareholders to avoid potential blockages. Read more about the law and upcoming changes in our dedicated article.
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