Italy Plans to Regulate Crypto Market

The use of cryptocurrency has seen a significant increase in Italy where more and more users are using this virtual currency as a payment option. These cryptocurrencies’ growth has become a real worry as it can damage the market in this country.  Actually, any regulation has not yet been established there and with crypto rising to a $1.6 trillion market, the appropriate regulations are vital. As the European Union takes too long to establish a region-wide set of laws, Italy plans to regulate its own crypto market. A Proper Oversight is Crucial While some countries have consistent laws overseeing cryptocurrencies, others are working on regulating these activities. This is clearly the case of Italy that is cautious about the cryptocurrencies growth which is alarming. As stated by Paolo Savona, Italy’s stock market regulator head and the chairman of the Commissione Nazionale per le Società e la Borsa (Consob) “the lack of firm regulatory standards was disquieting”. With the unregulated cryptocurrency market, the financial watchdog raises concerns. The chairman of Italy’s financial regulator also affirmed that without proper oversight, there could be a worsening in market transparency, the basis of legality, and rational choice for market operators. The chairman also warned that cryptocurrencies could be used in several criminal activities including money laundering, kidnapping, funding terrorism, tax evasion, an...