Crackdown on Misconduct
Italy is cracking down on crypto misconduct with a new law that imposes hefty fines for activities like insider trading and market manipulation. Fines range from €5,000 to a whopping €5 million, signaling Italy’s commitment to protecting investors.
Regulators Team Up
The Bank of Italy and Consob, Italy’s market regulator, will oversee crypto activities. The Bank of Italy will focus on financial stability, while Consob will handle market regulation.
Trustworthy Service Providers
Crypto service providers operating in Italy must register with the Organismo Agenti e Mediatori (OAM). This ensures that only reputable providers serve Italian customers and promotes transparency and AML compliance.
Dual Purpose
The OAM register not only provides information about registered providers but also helps prevent illicit activities by strengthening AML compliance.
Future Outlook
The new law aims to balance stability and security with innovation. It remains to be seen how it will impact the Italian crypto market, but it’s clear that Italy is taking a proactive approach to regulating the space.
