Crypto regulations vary from country to country. The members of the European Union nevertheless reached a consensus, thus giving rise to the MiCA regulation. It will come into force soon. For its part, the Central Bank of Italy says it is ready to integrate the blockchain while complying with the MiCA regulation. At the same time, she is studying new ways to apply distributed ledger technology (DLT).
The Bank of Italy likes the DLT
The current Italian administration is making gradual progress in the regulation of crypto-assets. It is also preparing for the entry into force of the MiCA regulation. In this sense precisely, Ignazio Visco expressed himself on Italy’s position during a long speech before the Italian Association of Financial Markets on 4 February.
The Governor of the Bank of Italy emphasizes the many advantages of DLT. “It brings more efficiency to the financial system and makes cross-border transactions cheaper,” he said. explain.
DLT affects various fields. But the Bank of Italy wants to focus on those where DLT will promote financial stability and consumer protection.
Ignazio Visco wants to see regulations select the cryptoasset market. The goal: to separate “high-risk instruments and services that divert resources from productive activities and collective well-being” from those that bring significant benefits to the economy.
A surveillance environment to anticipate the MiCA regulation
According to statistics, only 2% of Italian households invest in crypto. This reluctance is mainly due to the lack of regulation. To overcome this situation, Italian regulators are thinking of a crypto environment that complies with the new laws of the European Union. The Central Bank of Italy works closely with regulators. The goal: to set up the authorization and monitoring activities provided for in the MiCA regulation.
The relatively low crypto adoption rate does not prevent Italy from adapting its economy to the entry into force of the MiCA regulation. This country is ready to comply with new laws crypto from the European Union without neglecting its own demands on crypto service providers.
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