Regulation
Italy prepares new cryptocurrency guidelines under MiCA regulation
Italy is preparing to introduce comprehensive guidelines for cryptocurrency regulation under the European Union’s Markets in Crypto-Assets Regulation (MiCA). The Bank of Italy will soon publish guidelines for the implementation of the MiCA law.
These new rules aim to preserve the stability of Italian financial systems, while promoting innovation and safeguarding consumer protection.
New cryptocurrency rules in Italy aim to clarify the use of EMT versus ART
Fabio Panetta, Governor of the Bank of Italy, announced This during a speech at the Italian Banking Association (ABI). Panetta highlighted the role of electronic money tokens (EMTs) and asset reference tokens (ARTs) within the MiCA framework.
“Our assessment is that the only instruments that can act as means of payment while fully preserving public trust are EMTs, electronic money tokens, which can be issued by banks or electronic money institutions,” Panetta said. declared.
To know more: What are Cryptocurrency Markets (MiCA)?
EMTs, whose value is tied to a single official currency, are considered more stable and reliable for payments. In contrast, ARTs derive their value from multiple underlying assets, which makes them more volatile but still useful in specific contexts. The Bank of Italy’s guidelines aim to clarify and establish a coherent legal framework for these digital resources.
Italy’s new guidelines mark a significant step in aligning its cryptocurrency regulations with European standards. As the first explicit regulation for cryptocurrencies in the EU, MiCA provides legal clarity for stakeholders categorizing digital assets, specifying regulations, and designating those responsible for enforcing them.
MiCA also faces several challenges ensuring a level playing field for crypto institutions within the EU and eliminating regulatory fragmentation between member states. Its main objective is to safeguard investors, combat fraudulent activities and support compliance with anti-money laundering (AML) and financial regulations. The financial sector will be closely following the implementation of these guidelines, as they represent a significant step towards a more regulated system and safe use of digital resources in the region.
To know more: Cryptocurrency Regulation: What Are the Pros and Cons?
Italian: https://www.youtube.com/watch?v=xjR-k4hAYq0
Several cryptocurrency companiesincluding major players like Binance, have already have begun to adjust their operations to comply with new regulations. Other major cryptocurrency firms, such as BingX, are also exploring partnerships with third-party custodians to improve the protection of users’ assets. Vivien Lin, Chief Product Officer at BingX, told BeInCrypto that this initiative aims to foster a safe and transparent trading environment while also fostering innovation in the cryptocurrency industry.
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