Authorities #Италии will strengthen supervision over cryptocurrency companies
For insider trading in digital assets, market manipulation or illegal disclosure of inside information, a fine of $5,400 to $5.4 million is imposed. Two departments intend to regulate the activities of cryptocurrency companies: the Central Bank and the Italian Companies and Exchange Commission (CONSOB).
Strengthened control over crypto companies will prepare the country's regulatory framework for the entry into force of the EU Cryptocurrency Act (MiCA) before the end of the year.
The Italian Ministry of Economy and Finance (MEF) has required that all Italian and foreign companies providing cryptocurrency services register with the special register of the payment services regulator Organismo Agenti E Mediatori (OAM). This supervisory authority controls financial, credit and brokerage activities. The registry includes a division of the world's largest crypto exchange Binance Italy, as well as the Bitpanda, BitGo Europe, BitPay and Bitstamp Europe platforms.
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