Italy to Increase Surveillance of Crypto Market With Fines as High as 5M Euros: Reuters

that will include high fines for those who manipulate the crypto asset market as part of a wider scheme to beef up surveillance of risks tied to the sector, Reuters reported, citing a draft decree it reviewed.

The document is due to be approved by the cabinet later today and will include fines between 5,000 euros and 5 million euros for insider trading, unlawful disclosure of inside information or market manipulation, the report said. Countries in the European Union are gearing up to implement the bloc's regulatory framework for the sector, known as the. Part of that process is deciding on which local regulators will help supervise crypto – referred to as National Competent Authorities .

The Reuters report said the draft decree designates Italy's central bank and market watchdog, Consob, as the relevant authorities.that it is doing so despite a survey showing only about 2% of Italian households held"modest amounts, on average" of crypto and that the exposure of Italian intermediaries to the market was also very limited.as virtual currency service providers without running proper checks to make sure they are safe for investors, CoinDesk reported previously.

Optimism about crypto in Italy has been reflected by moves such as one from Conio, a cryptocurrency wallet company, whichin a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Source: News Formal (newsformal.com)

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