17.02.2025 16:23
The Bank of Italy and the securities regulator have begun discussions with crypto service providers regarding measures against financial and cybersecurity risks. The Governor of the Bank, Fabio Panetta, highlighted the differences between the European Union's Crypto Asset Markets (MiCA) regulation and the case-by-case approach of the United States.
Italy's financial regulators are developing new measures in response to the risks posed by the cryptocurrency ecosystem. The discussions initiated by Banca d'Italia and Consob address concerns regarding money laundering and financial stability. This initiative emphasizes the importance of global regulations against the entry of tech giants into the financial system through cryptocurrencies.
Differences in Cryptocurrency Asset Regulation Between the EU and the US
Fabio Panetta, the Governor of the Bank of Italy, made significant statements at the 31st Assiom Forex Congress held on February 15. Panetta noted that the cryptocurrency market is under global regulatory scrutiny.
With the European Union's acceptance of the MiCA regulation, Italy is establishing a new regulatory framework in the cryptocurrency space. These regulations differ from the case-by-case approach of the United States.
The Bank of Italy and Consob are also assessing the liquidity risks of banks alongside the increasing use of online applications by users. The institutions aim to ensure that cryptocurrency service providers have adequate measures in place to manage strategic, operational, and financial risks.
Panetta also warned about the risks posed by tech giants circulating digital tokens through easily accessible online payment platforms. He emphasized that this situation could threaten the operations of commercial banks.