The Italian government is preparing to crack down on cryptocurrency assets. The Council of Ministers has passed a decree regulating the market offer of cryptocurrencies and imposing criminal and administrative sanctions (ranging from 30,000 euros to 15 million euros) on those who abuse and violate EU rules, as well as regulatory and supervisory powers on Consob and the Bank of Italy. The decree requires that the Bank of Italy authorize the issuance, public offering, and trading of tokens. Fines and criminal penalties are intended to punish not only those who engage in crypto-asset transactions without proper authorization, but also those who illegally abuse and disclose inside information or manipulate the market. The government's decree seeks to regulate a market that has expanded dramatically in recent years, with few legal constraints but little investor protection. According to the Politecnico di Milano's Blockchain and Web3 Observatory, more than 3.6 million Italians claim to own cryptocurrency or tokens. A third (32%) purchased them on a cryptocurrency exchange, while 17% used a direct purchase wallet service. On the other hand, 38% of Italians prefer to gain financial exposure to these instruments indirectly, via banking trading apps.
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