Following the significant growth of the cryptocurrency industry, several governments have been taking a deeper look. While some were openly embracing the ecosystem, a few others were still trying to get an idea about how things work. Meanwhile, the US was seen prepping to add Bitcoin (BTC) into its reserve. Amidst this, Italy was seen expressing interest in crypto. Taking into consideration the growth rate of the industry, the country intends to regulate it.
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Italy Plunges Into Crypto Waters
Numerous cryptocurrency service providers have reportedly been in contact with Italy’s central bank, Banca d’Italia. It appears that the nation plans to guarantee sufficient protection against threats related to finance and cybersecurity. Along with the country’s central bank, a financial regulator, Consob is also actively taking part in these discussions. The duo stated,
“Banca d’Italia’s task is to ensure that these entities have adequate safeguards in place to manage strategic, operational, and financial risks, as well as risks linked to money laundering and the circumvention of international sanctions.”
The Governor of the bank, Fabio Panetta due to threats including money laundering and financial stability issues, the crypto ecosystem is being closely monitored by regulators throughout the world. The Governor highlighted pertinent topics relating to digital banking, cybersecurity hazards, and crypto assets that are relevant to both international and European rules. This was said at the 31st Assiom Forex Congress on February 15.
Il Governatore #Bankitalia Fabio #Panetta al 31° Congresso #AssiomForex @ASSIOMFOREX ieri a #Torino #ASFX25.
Leggi il suo intervento, guarda le foto e gli estratti video qui 👉 https://t.co/PnZJFLbLfz pic.twitter.com/seYoFg0bKs— Banca d’Italia (@bancaditalia) February 16, 2025
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Is The Country Closing The Regulatory Gap?
Regulations governing the crypto industry vary across the globe. The Governor drew attention to the disparities between the US and European approaches. He pointed out that the Trump administration’s executive order on digital financial technology indicates a desire to include cryptocurrency assets in the financial system. According to Panetta, cryptocurrency operators might take advantage of regulatory gaps. He suggested that it could compromise the stability of the financial system. Panetta said,
“These regulatory divergences between the United States and Europe will need to be carefully assessed, once the US authorities’ position becomes clearer, in order to understand their international implications.”
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