Regulation
Italy prepares new guidelines on cryptocurrencies under MiCA regulation
Italy is preparing to introduce comprehensive guidelines to regulate cryptocurrencies under the EU law on the regulation of markets in crypto-assets (MiCA). The Bank of Italy will soon publish guidelines on the implementation of the MiCA law.
These new rules aim to maintain the stability of the Italian financial system while promoting innovation and preserving consumer protection.
New Italian crypto rules seek to clarify use of EMTs versus ARTs
Fabio Panetta, Governor of the Bank of Italy, announcement In a speech to the Italian Banking Association (ABI), Panetta highlighted the role of electronic money tokens (EMTs) and asset reference tokens (ARTs) in the MiCA framework.
“Our assessment is that the only instruments that can serve as means of payment while fully preserving public confidence are EMTs, electronic money tokens, which can be issued by banks or electronic money institutions,” Panetta said. declared.
Learn more: What are Crypto Asset Markets (MiCA)?
EMTs, whose value is linked to a single official currency, are considered more stable and reliable for payments. ARTs, on the other hand, derive their value from multiple underlying assets, making them more volatile but still useful in specific contexts. The Bank of Italy guidelines aim to clarify and establish a coherent legal framework for these digital assets.
Italy’s new guidelines mark an important step in aligning its crypto asset regulations with European standards. As the first explicit regulation for crypto assets in the EU, MiCA provides legal clarity to stakeholders by categorizing digital assets, specifying regulations and designating enforcement responsibilities.
MiCA also responds to various challenges by ensuring a level playing field for crypto institutions within the EU and eliminating regulatory fragmentation between Member States. Its main objective is to protect investors, combat fraudulent activities and maintain compliance with anti-money laundering (AML) and financial regulations. The financial sector will closely monitor the implementation of these guidelines, as they represent a significant step towards a more regulated and safer system. secure use of digital assets in the region.
Learn more: Cryptocurrency Regulation: What Are the Pros and Cons?
Several crypto companiesincluding major players like Binance, have already have begun to adjust their operations to comply with the new regulations. Other leading cryptocurrency companies, such as BingX, are also exploring partnerships with third-party custodians to improve the protection of users’ assets. Vivien Lin, BingX’s chief product officer, told BeInCrypto that the move aims to foster a secure and transparent trading environment while promoting innovation in the cryptocurrency industry.
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