Key Points:Governor of the central bank, Ignazio Visco, said in Saturday’s speech that Italian regulators had begun to establish a supervisory framework in anticipation for European Union regulations regarding cryptocurrency regulation.
According to Bank of Italy polls, only 2% of Italian households have cryptocurrency. The market exposure of Italian intermediaries also seems very small.
Ignazio Visco, governor of the central bank, stated in a speech on Saturday that Italian regulators have started establishing a supervisory framework in anticipation of European Union regulations for regulating cryptocurrency.During a speech on the state of the world economy in Milan, Visco discussed the significance of regulating cryptocurrency and provided an overview of ongoing global, European, and Italian measures. The sector’s weak links to traditional banking and slowing of Italy and the euro area’s economies, he said, the collapse of the crypto-market last year had no “systemic consequences” on the “actual economy.” MiCA sets licensing regulations for cryptocurrency issuers as well as service providers such trading platforms. The MiCA establishes licensing regulations for cryptocurrency issuers and service providers, such as trading platforms. Prior to last year, the authority responsible for enforcing mandatory registration had not vetted the companies that were allowed to operate in Italy. The list featured 91 virtual asset service providers as of Monday.According to Visco, the Bank of Italy is also engaged in several distributed ledger technology (DLT) projects, such as the EU’s own pilot for market infrastructure regulation.The governor argued that there should be a differentiation between crypto “with no inherent value” and those that “divert resources from productive activity and societal wellbeing.” While these must be “seriously discouraged,” he continued, innovations that can boost the effectiveness of financial systems have to be encouraged.DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.Join us to keep track of news: https://linktr.ee/coincuWebsite: coincu.comAnnieCoincu NewsTags: Crypto EnvironmentEU LawsItaly