Italy will tighten its regulations in the Cryptocurrency sector, introducing stricter rules to combat illicit activities and increase oversight. A draft decision details plans to impose large fines for violations such as market manipulation and insider trading activity.
The draft decree provides for penalties ranging from 5,000 to 5 million euros ($5,400 to $5.4 million) for individuals convicted of these offenses. This response reflects ongoing concerns from central banks and international bodies regarding the risks associated with Cryptocurrency trading activities.
Italy's approach is in line with regulations established by European law last year. The decree appointed Italy's central bank and market watchdog, Consob, as the main authority to oversee Cryptocurrency trading activities. This step is explained as aimed at maintaining financial stability and ensuring market integrity.
