- Italy is reportedly working on a new draft decree.
- This is part of the country’s effort to bolster crypto oversight.
- The draft decree is due for approval later today.
Italy’s cabinet is reportedly due to approve a new draft decree later on Thursday to reinforce surveillance over crypto assets and punish market manipulators with multimillion-dollar fines.
The move is part of Italy’s ongoing efforts to boost digital asset oversight as the greater European Union gears up to enforce the Markets in Crypto Asset (MiCA) regime gradually later in the year.
Italy’s New Crypto Decree
According to a June 20 Reuters report, the new decree seeks to address risks tied to cryptocurrencies with stringent measures, including hefty fines of between $5,400 and $5.4 million for insider trading, market manipulation, or unlawful disclosure of inside information.
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The draft decree, anchored in the framework laid out by a European regulation last year, has designated two institutions to oversee crypto activities in the country. This includes Italy’s central bank and market watchdog Consob, which will both work to preserve financial stability and foster an “orderly functioning of markets.”
While the decree’s approval will likely usher in a new era of crypto-focused laws, Italy has been actively engaged in digital asset exchange oversight since January 2022.
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The Ministry of Economy and Finance (MEF) requires all Italian and foreign crypto service providers to enroll in the special register with the Organismo Agenti e Mediatori (OAM), the supervisory body overseeing financial activities and credit brokerage operations.
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This implies that crypto users in the country can only use registered digital asset service providers, fostering transparency and compliance with Anti-Money Laundering (AML) measures.
Various virtual asset companies are listed on the register, including Binance Italy, Bitpanda, BitGo Europe, BitPay, Bitstamp Europe, and others.
Read how Coinbase obtained approval to operate in Italy:
Coinbase Approved to Operate in Italy Despite Rising Insolvency Rumors
Stay updated on why Binance was recently fined in India:
Binance Faces $2.25M Fine for Violating India’s AML Laws
