Italy is to implement new regulations on cryptocurrencies in accordance with the EU’s Markets in Crypto-Assets Regulation (MiCA) law. The objective is to guarantee financial stability, promote innovation, and safeguard consumers.
Fabio Panetta, the Governor of the Bank of Italy, unveiled the regulations in a speech delivered to the Italian Banking Association (ABI). The rules prioritize the significance of electronic money tokens (EMTs) and asset reference tokens (ARTs), which are reliable and secure for making payments.
The recommendations have the objective of establishing a precise and legally binding structure for these tokens, in accordance with European norms, and representing a notable advancement.
MiCA, the initial EU law for crypto assets, provides legal certainty by classifying digital assets and defining specific requirements. The primary objectives of this organization are to safeguard investors, deter fraudulent activities, and comply with anti-money laundering (AML) and financial legislation.
Prominent crypto companies such as Binance are already modifying their operations to adhere to the recently introduced requirements. Meanwhile, companies like BingX are collaborating with third-party custodians to strengthen the safeguarding of user assets.
The principles set forth by the Bank of Italy strive to achieve a harmonious equilibrium between innovation, market stability, and safeguarding the interests of consumers.
