Italy’s Monetary Watchdog Raises Issues Over Unregulated Cryptocurrency Market – Regulation Bitcoin Information

The chairman of Italy’s monetary regulator has raised considerations over the cryptocurrency market with out correct regulation. “With out correct oversight there might be a worsening in market transparency, the premise of legality and rational selection for (market) operators,” he stated.

Chairman of Italy’s Securities Regulator Sees Points With Unregulated Cryptocurrency Market

The chairman of the Commissione Nazionale per le Società e la Borsa (Consob), Paolo Savona, voiced considerations concerning cryptocurrency Monday. Consob is the federal government authority of Italy accountable for regulating the Italian securities market. He stated as he introduced the watchdog’s yearly report:

With out correct oversight there might be a worsening in market transparency, the premise of legality and rational selection for (market) operators.

The Consob chairman famous that there are some 4,000-5,000 cryptocurrencies in circulation with none type of actual regulation.

He additional opined, “If we add to this Consob’s latest personal expertise in closing down in Italy a whole lot of internet sites illegally gathering financial savings, the image that emerges is worrying,” elaborating:

If it takes too lengthy at a European degree to provide you with an answer, (Italy) should take its personal measures.

Savona additionally warned that cryptocurrencies might be utilized in legal actions, equivalent to tax evasion, cash laundering, funding terrorism, and kidnapping.

Numerous lawmakers worldwide have voiced related considerations as Savona, together with the president of the European Central Financial institution (ECB), Christine Lagarde, who beforehand stated cryptocurrencies have been largely utilized in illicit activities, notably cash laundering.

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