According to TechFlow, Fabio Panetta, Governor of the Bank of Italy, said that the Bank of Italy will issue guidelines on how to apply the upcoming EU crypto regulations in the next few days to promote the effective application of the EU's Crypto Asset Market Regulation (MiCA) and protect cryptocurrency holders.
Panetta said that MiCA divides tokens into asset reference tokens (ART) and electronic money tokens (EMT), and only EMT can fully perform payment functions. Bitcoin (BTC) and Ethereum (ETH) are called "unsecured crypto assets" by him, with no intrinsic value and similar to gambling.
He also mentioned that the Italian government plans to increase monitoring of the crypto market, with violations of market manipulation or insider trading carrying fines ranging from €5,000 to €5 million.
