Bank of Italy's Crypto Regulation
Fabio Panetta, head of the Bank of Italy, #announced #plans to release rules to enforce the EU's crypto laws.
MiCA Implementation
Panetta said these rules will protect crypto asset holders and ensure compliance with the Markets in Crypto-Assets Regulation (MiCA).
MiCA classifies tokens into asset-referenced tokens (ARTs) and electronic money tokens (EMTs). Panetta explained that EMTs, tied to a single currency, are better for payments. ARTs are linked to multiple assets.
Risks and Measures
Panetta warned that Bitcoin and Ether lack intrinsic value and are often used to #avoid #taxes. He is concerned about uninformed investors. Italy plans to increase crypto market oversight, with fines for market manipulation ranging from $5,400 to $5.4 million.
