Key Takeaways:
- Italy’s Regulatory Push: Italy’s central bank and securities regulator are working with crypto firms to enhance compliance and mitigate financial and cybersecurity risks.
- EU vs. US Regulations: Governor Fabio Panetta highlighted the growing regulatory divergence, with the EU adopting MiCA while the US regulates crypto case by case.
- Big Tech Concerns: Panetta warned that if Big Tech issues digital tokens, it could disrupt traditional banking, necessitating stronger global regulations.
Italy’s central bank and securities regulator are actively working with crypto firms to strengthen compliance measures and mitigate financial and cybersecurity risks, according to Bank of Italy Governor Fabio Panetta.
Speaking at the Assiom Forex Congress on February 15, Panetta emphasized the growing global scrutiny on cryptocurrencies, highlighting regulatory differences between the EU and the US.
NEW: "We are in contact with operators interested in offering services on crypto assets.
— Bitcoin News (@BitcoinNewsCom) February 17, 2025
We must ensure that these entities have adequate safeguards for risks, including money laundering and evasion of international sanctions," says 🇮🇹 Bank of Italy Governor Fabio Panetta. pic.twitter.com/KrpuQ0Y9Cd
While the European Union has implemented the Markets in Crypto-Assets Regulation (MiCA) to protect investors, the US continues to regulate crypto on a case-by-case basis.
Panetta noted that the recent US executive order on digital financial technology suggests a potential shift toward integrating crypto assets into the financial system.
He stressed the need to assess the impact of these regulatory divergences once the US position becomes clearer.
Italy is enhancing oversight by collaborating with the Commissione Nazionale per le Società e la Borsa (Consob) to address liquidity risks as digital transactions increase.
The central bank aims to ensure crypto firms implement safeguards against financial, operational, and money laundering risks.
Additionally, Panetta warned about the risks posed by Big Tech’s involvement in crypto, arguing that global regulations are needed to prevent major tech firms from disrupting the traditional banking sector with their own digital tokens.
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