Key Takeaways:
- Italy’s central bank will release guidelines for the EU’s Markets in Crypto-Assets Regulation (MiCA) to ensure effective application and protect crypto holders.
- Bank of Italy Governor Fabio Panetta criticized Bitcoin and Ethereum as lacking intrinsic value, comparing them to gambling, and emphasized the importance of electronic money tokens (EMTs).
- The Italian government plans to enhance crypto market surveillance, with potential fines for violations ranging from 5,000 to 5 million euros.
Italy’s central bank is preparing to release guidelines on implementing the European Union’s Markets in Crypto-Assets Regulation (MiCA).
These guidelines aim to facilitate the effective application of MiCA and protect cryptocurrency holders.
Bank of Italy to publish crypto asset guidelines, governor says https://t.co/nnDCbHgSC0 pic.twitter.com/QOWewZLtoe
— Reuters (@Reuters) July 9, 2024
Bank of Italy Governor Fabio Panetta criticized Bitcoin and Ethereum as “unbacked” cryptocurrencies, lacking intrinsic value and being akin to gambling.
Panetta emphasized that only electronic money tokens (EMTs), which are linked to single official currencies, can fully function as a means of payment while maintaining public trust.
He also highlighted the potential risks for investors in unbacked cryptocurrencies and noted that their numbers could increase.
In late June, the Italian government announced plans to enhance surveillance on crypto markets, with fines for violations ranging from 5,000 to 5 million euros.
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