Italian Central Bank to Issue Crypto Guidelines Soon Says Governor

Italy's central bank will soon release guidelines on implementing the European Union's Markets in Crypto-Assets Regulation (MiCA), according to Bank of Italy Governor Fabio Panetta.

Speaking to the Italian Banking Association on July 9, Panetta stated these guidelines aim to facilitate effective application of MiCA and protect cryptocurrency holders. He emphasized that only electronic money tokens (EMTs), which are linked to a single official currency, can fully function as a means of payment while maintaining public trust.

Panetta criticized "unbacked crypto-assets" like Bitcoin and Ethereum, claiming they lack intrinsic value and comparing them to gambling. He suggested that many crypto investors aim to profit from price increases and may use these assets to evade taxes or financial regulations.

The governor noted that while the number of investors in these cryptocurrencies who might be unaware of the risks is currently low, it could increase in the future.

In line with MiCA compliance, the Italian government reportedly plans to enhance crypto market surveillance. Potential fines for violations such as market manipulation and insider trading could range from 5,000 to 5 million euros.