Italy to Increase Surveillance of Crypto Market With Fines as High as 5M Euros: Reuters
Italy plans to implement measures that will impose high fines on those who manipulate the crypto asset market. The measures are part of a broader initiative to increase surveillance of risks associated with the sector. A draft decree, set to be approved by the cabinet, proposes fines ranging from 5,000 euros ($5,400) to 5 million euros for insider trading, unlawful disclosure of inside information, or market manipulation. The decree designates Italy's central bank and market watchdog, Consob, as the relevant authorities. This comes as countries in the European Union prepare to implement the bloc's regulatory framework for the sector, known as the Markets in Crypto Asset (MiCA). Despite a survey showing only about 2% of Italian households hold crypto and limited exposure of Italian intermediaries to the market, Italy has been preparing to follow the MiCA framework.
