Italy to impose fines of up to 5 million EUR for fraud in the crypto market
The central bank and the securities regulator will oversee the sector
20.06.2024 - 14:50
140
3 min
0
What’s new? Italy intends to tighten crypto market oversight and impose fines of up to 5 million EUR for fraudulent actions. As Reuters reports with reference to the draft document, the measures are aimed at strengthening the control of risks associated with the cryptocurrency sector.
What else is known? The document, which the Cabinet must approve, provides for fines from 5000 to 5 million EUR for insider trading, illegal disclosure of insider information, and market manipulation.
In general, EU countries are preparing to implement a comprehensive regulatory framework for the sector, known as the Markets in Crypto-Assets (MiCA) regulation. As part of the implementation, authorities in member states must decide which local regulator will be given the authority to oversee the sector.
According to Reuters, in Italy this role will be given to the central bank and the Securities Commission (CONSOB). The Central Bank noted that the introduction of cryptocurrencies in the country is at a low level. Only 2% of households own small amounts of digital assets, also there are few intermediaries in the market.
Earlier, Italian authorities introduced a mandatory registration requirement for crypto companies and approved 73 firms to operate as virtual asset service providers.
Crypto exchange Uphold will stop supporting USDT and DAI due to new regulatory rules in the EU
At the same time, the platform will continue to support assets from the Circle issuer
In May, the crypto platform of the online broker Robinhood launched localized applications and staking services for the native token of the Solana blockchain in Italy and other EU countries.
EU authorities also established an organization to develop and implement a blockchain infrastructure for data exchange across the bloc. Initially, ten countries, including Italy, will take part in the implementation.
Useful material?
Market
This is the first step toward applying to list ETF shares
Oct 2, 2024
Mining
In turn, fee income fell to its lowest point since the BRC-20 token standard was introduced
Oct 2, 2024
Incidents
The figure for the first three quarters of 2024 exceeded $2 billion
Sep 30, 2024
Market
The commission’s chair said that the bank’s approach to storage is suitable for a variety of cryptocurrencies, not just BTC and ETH
Sep 27, 2024
Market
The seller claims that the data was obtained as a result of a leak in August of this year
Sep 24, 2024
Market
The increase in fees caused an increase in the volume of coins burned during transactions
Sep 23, 2024