Italy is set to introduce measures aimed at preventing market manipulation and enhancing security in the cryptocurrency market. The proposed decree, which is expected to be approved by the cabinet, includes hefty fines for offenses such as insider trading and market manipulation. The move aligns with the European Union’s regulatory framework for the crypto sector, known as Crypto Asset Markets (MiCA). Italy’s central bank and market watchdog Consob have been designated as the relevant authorities for overseeing crypto enforcement. Despite limited cryptocurrency ownership in Italian households, the country has introduced a mandatory registration requirement for crypto companies operating within its borders. However, concerns have been raised about the approval process for virtual currency service providers, with 73 firms reportedly being approved without thorough checks. It is important to note that this article does not constitute investment advice.
