Italy tightens control over the cryptocurrency industry

21.06.2024

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The Italian government plans to introduce stricter control measures for the cryptocurrency industry. These steps are aimed at preparing the country’s regulatory framework for the implementation of the European Union’s Markets in Crypto-Assets Regulation (MiCA).

New penalties for market manipulation

Authorities promise to impose multi-million dollar fines for market manipulation. Specifically for:

Insider trading of digital assets
Market manipulation
Illegal disclosure of insider information

Two agencies will oversee the activities of cryptocurrency companies:

The Central Bank of Italy
The Italian Companies and Exchange Commission (CONSOB)

Registration requirement for crypto companies

The Italian Ministry of Economy and Finance (MEF) has required all Italian and foreign companies providing cryptocurrency services to register in a special registry. This registry is maintained by the payment services regulator Organismo Agenti E Mediatori (OAM).

According to the Ministry of Finance, the registration of companies working with crypto assets in the OAM will ensure:

Transparency of activities
Compliance with anti-money laundering (AML) rules

Italian traders will be allowed to use only the services of registered virtual asset service providers (VASPs).

Italy is actively preparing for the implementation of pan-European cryptocurrency regulation, tightening control over the industry and introducing new requirements for market participants.

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