Crypto News- Italy Plans Tighter Crypto Market Surveillance, Introduces Fines Reaching 5 Million Euros
Crypto News– Italy is poised to introduce new measures aimed at enhancing oversight of the crypto asset market, with significant fines planned for market manipulation. According to Reuters, a draft decree set to be approved by the cabinet today outlines fines ranging from 5,000 euros ($5,400) to 5 million euros for offenses such as insider trading, unlawful disclosure of inside information, or market manipulation.
Across the European Union, countries are preparing to implement the Markets in Crypto Asset (MiCA) regulatory framework. This includes determining which local regulators will serve as National Competent Authorities (NCA) tasked with supervising the crypto sector.
Italy to Boost Crypto Market Surveillance, Imposes Up to 5M Euros in Fines
According to the Reuters report, Italy’s draft decree designates the country’s central bank and market regulator, Consob, as the responsible authorities.
Italy has been preparing to adopt this regulatory framework for some time. The governor of the central bank noted that this move is being made despite a survey indicating that only about 2% of Italian households hold modest amounts, on average, of cryptocurrencies. Furthermore, Italian intermediaries’ exposure to the crypto market is also very limited.
Previously, Italy established a mandatory registration requirement for crypto companies operating in the country. However, CoinDesk reported that 73 firms were approved as virtual currency service providers without undergoing proper checks to ensure investor safety.
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