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Italy

Italy Cracks Down On Crypto: New Law Tightens Risk Surveillance

Christian Encila
by Christian Encila
1 year ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Italy is tightening its grip on the bitcoin market as a fresh draft decree is approved this week. Complementing the European Union’s more ambitious campaign for crypto control, the measure points to a stricter legislative approach aimed to lower manipulation levels and boost monitoring.

Related Reading: Bitcoin Miners Feeling The Squeeze: Reserves Dry Up To 14-Year Lows

Million-Dollar Fines For Market Mayhem

According a Reuters story, misbehaviour involving cryptocurrencies is not tolerated in the intended order. Actions include insider trading, market manipulation, and illegal publication of private information could lead to heavy fines for violators ranging from €5,000 to an incredible €5 million (approximately $5,400 to $5.4 million).

This financial loss shows Italy’s will to protect investors and advance a fair and steady bitcoin industry.

Italy Central Bank And Consob Join Forces

Under the regulation, two key entities—the Bank of Italy and Consob, the country’s market regulator—are assigned responsibility for observing actions connected to cryptocurrencies. With this “twin-pronged approach,” two objectives—financial stability and market order preservation—should be simultaneously achieved.

Consob’s experience controlling conventional markets will be priceless in tackling crypto-specific challenges, but the Bank of Italy’s expertise in financial matters will be crucial in reducing systematic risks.

Total crypto market cap at $2.29 trillion on the daily chart: TradingView.com

A Badge Of Trust For Crypto Service Providers

This new direction enhances the policies implemented in January 2022. Starting in the next year, the Ministry of Economy and Finance (MEF) mandated that all foreign and local cryptocurrency service providers running in Italy register with the Organismo Agenti e Mediatori (OAM).

Acting as a gatekeeper and monitoring credit brokerage and financial operations, this governing body ensures that only trustworthy vendors can provide services to Italian customers.

Dual Purpose 

The OAM register finds two applications. First of all, easy access to information on registered providers promotes openness. Second, it increases Anti-Money Laundering (AML) compliance strength, therefore reducing the likelihood of unlawful activities in the Italian bitcoin market.

Related Reading: Facebook Hit With Lawsuit: Judge Says They Can’t Hide Behind Crypto Scams

Italy is clearly proactively controlling the bitcoin market even if the long-term consequences of the new regulation are yet unknown.

Based on increased control, severe fines, and focus on licenced service providers, the Italian crypto market seems to be headed towards one in which stability and security take front stage over unchecked speculation.

Investors and bitcoin entrepreneurs had to decide whether this new surroundings would inspire creativity or hinder its expansion.

Featured image from Pexels, chart from TradingView

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Christian Encila

Christian Encila

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Christian, a journalist and editor with leadership roles in Philippine and Canadian media, is fueled by his love for writing and cryptocurrency. Off-screen, he's a cook and cinephile who's constantly intrigued by the size of the universe.

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