Italy Intends to Increase Cryptocurrency Market Surveillance
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21 June

Italy plans to implement measures to increase vigilance over potential risks associated with cryptocurrencies, such as imposing high fines for market manipulation.

A draft decree shows that there will be penalties ranging from €5,000 to €5 million for insider trading, insider disclosure and market manipulation.

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Central banks and international organizations have warned of the dangers of cryptocurrencies, as they lack intrinsic value and could pose a threat to the stability of the economy and financial systems.

The proposed plan follows guidelines set by a European regulation last year and designates the Italian central bank and the market watchdog, Consob, as authorities responsible for overseeing crypto-related activities in order to safeguard financial stability and ensure the smooth functioning of markets.

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