Crypto:
30601
Bitcoin:
$58.475
% 1.89
BTC Dominance:
%53.3
% 0.09
Market Cap:
$2.13 T
% 0.20
Fear & Greed:
25 / 100
Bitcoin:
$ 58.475
BTC Dominance:
% 53.3
Market Cap:
$2.13 T

Italy’s Central Bank to Issue Guidelines for EU Crypto Rules

Italy, Bitcoin

Bank of Italy Governor Fabio Panetta said on Tuesday that Italy’s central bank would soon release rules to help the European Union’s crypto laws be applied.

MiCA Implementation and Investor Protection

According to Panetta’s July 9 address to the Italian Banking Association, the rules seek to safeguard holders of certain cryptocurrencies and for the EU’s Markets in Crypto-Assets Regulation (MiCA) to be applied effectively.

With Panetta pointing out that EMTs are more suited for payment purposes since they relate to a single official currency, like a US dollar-backed stablecoin, MiCA separates tokens into asset-reference tokens (ARTs) and electronic money tokens (EMTs). Unlike ARTs, which are linked to many assets—such as the gold-backed token PAX Gold (PAXG)—they are based on.

Comparatively to gambling, Panetta said Bitcoin and Ether are “unbacked crypto-assets” with no inherent value and are often used to evade tax and legal responsibilities.

Risks and Regulatory Actions

Although now modest, he voiced worries about the eventual rise in the number of ignorant investors in unbacked cryptocurrencies. Such assets, Panetta underlined, are not money—a source of payment, a store of value, a unit of account—but rather something else.

In accordance with MiCA, the Italian government intends to improve monitoring of crypto marketplaces. A late June Reuters article claims that a judgment would punish market manipulation and insider trading between $5,400 and $5.4 million.

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