Italian Government Will Tighten Controls in the Bitcoin and Altcoin Market!

Italian authorities have taken action on the crypto market.

The Italian government plans to tightly control the cryptocurrency industry. Government officials are planning to impose huge fines for price manipulation in the crypto industry.

Italian government officials will prepare the country's regulatory framework for the crypto sector from scratch in order for the EU Cryptocurrency Act (MiCA) to come into force.

Currently, there are two ministries in Italy that aim to regulate the activities of cryptocurrency companies: the Central Bank and the Italian Companies and Stock Exchange Commission (CONSOB).

These 2 ministries will impose fines of between 5,400 and 5.4 million dollars due to insider trading and market manipulation in digital assets.

The Italian Ministry of Economy and Finance (MEF) has required all Italian and foreign companies providing cryptocurrency services to register with the payment services regulator OAM.

This registration requirement includes the Italian division of Binance, the world's largest crypto exchange, as well as crypto platforms such as Bitpanda, BitGo Europe, BitPay and Bitstamp Europe.

The Ministry of Finance is confident that registering companies working with crypto assets with OAM will ensure transparency and reduce money laundering.

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