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Italy is set to implement stricter crypto regulations, as reported by Reuters

By Indigo White
Published in News
June 23, 2024
2 min read
Italy is set to implement stricter crypto regulations, as reported by Reuters

The Italian government is moving to enforce stricter regulations on the cryptocurrency market, honoring its commitment to the European Union’s Markets in Crypto-Assets Regulation (MiCA). These measures include penalties for market manipulation and insider trading, ranging from €5,000 to €5 million (approximately $5,350 to $5.35 million), as reported by Reuters.

The report highlights concerns from central banks and international organizations, which see cryptocurrencies threatening macroeconomic and financial stability.

In 2022, the MiCA regulatory framework was approved—a law aimed at establishing unified regulations for crypto markets in the Eurozone. Italy’s Central Bank and Consob were designated as the primary authorities overseeing the sector. The initial MiCA rules came into effect in June 2023, with full implementation expected by December this year.

Furthermore, by mid-2022, Italian authorities had approved numerous crypto company applications to operate in the country without adequate checks. The “Organismo Agenti e Mediatori (OAM)” quickly added 73 crypto firms to its providers list, including major players like Binance, Coinbase, and Crypto.com.

It’s worth noting that OAM registration is mandatory to operate in Italy. However, in 2022, the organization was still figuring out how to collect relevant data from companies.

“Coinbase is committed to bringing the power of our full product suite to customers across Europe. Today, we’re able to announce a key milestone in that journey: securing approval from Italian regulators to provide ongoing crypto services to its residents. The new requirement implemented by the Organismo Agenti e Mediatori (OAM), mandated that all companies offering crypto trading, custody or other services, meet set criteria. We’re proud to be among the first companies to meet these benchmarks”.

–Coinbase Statement.

Another noteworthy point is that, in February 2023, Italy’s Central Bank Governor, Ignazio Visco, stated that “just 2% of the country’s householdsown moderate amounts of crypto”, based on surveys conducted by the institution. He also noted that Italian financial intermediaries have had limited market involvement.

papal basilica of saint peter

The Vatican announces its venture into Web3.

The Vatican Library has recently unveiled its plans to enter Web3 by offering NFTs to supporters of its manuscripts. The initiative aims to reward those who promote the project on social media. Italians who participate will receive a silver NFT, granting access to 15 high-resolution manuscript images. Donors, on the other hand, will receive a gold NFT, providing access to a broader range of high-resolution pictures.

“I believe that our heritage requires special attention and dedication geared toward preservation and promotion”.

–Father Mauro Mantovani, Vatican Library prefect.

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Tags

cryptoassetsregulationMiCAItalycryptocurrenciesCentral BankConsobregulatorscrypto companiesOAMCoinbasecrypto marketNFTsVatican LibraryWeb3NFTs

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