The Central Bank of Italy will soon release guidelines on implementing the European Union’s cryptocurrency regulations, known as MiCA (Markets in Crypto-Assets). These guidelines aim to protect cryptocurrency holders and ensure smooth payment system operations. The bank recognizes only e-money tokens (EMTs), like fiat-backed stablecoins, as suitable for payments due to their value stability. Fabio Panetta, the bank’s Governor, criticized popular cryptocurrencies like Bitcoin and Ethereum for lacking intrinsic value and potentially facilitating illegal activities. He noted that while relatively few investors are aware of these risks now, this number may grow in the future. Italy is reportedly intensifying crypto market oversight to comply with MiCA standards.
Source: Cointelegraph.com
