Italy Set to Implement Stricter Regulations for Crypto Market
Italy is preparing to introduce new measures to enhance oversight of cryptocurrency activities, according to a recent report by Reuters. The proposed regulations aim to crack down on market manipulation and insider trading in the crypto market and come with significant fines for offenders.
The draft decree, which is expected to receive cabinet approval, suggests fines ranging from 5,000 to 5 million euros ($5,400 to $5.4 million) for crimes such as insider trading, unauthorized disclosure of confidential information, and market manipulation. The move is in line with warnings from central banks and international organizations about the risks associated with cryptocurrencies, including their lack of intrinsic value and potential to threaten financial stability.
Under the European regulation introduced last year, Italy’s central bank and the market regulator Consob will be the primary authorities responsible for overseeing crypto activities. Their role is to ensure financial stability and prevent fraudulent activities in the crypto market.
In other news, the Vatican Library has announced plans to embrace web3 technology by launching a non-transferable non-fungible token (NFT) program. The initiative aims to engage supporters of the library’s manuscript collections and promote the preservation and promotion of its heritage.
The Vatican Library will issue Silver NFTs to Italian donors who promote the project on social media, granting them access to a unique collection of high-resolution images of 15 manuscripts. Donors will receive Gold NFTs, providing access to all high-resolution images in the selection. The project may also explore the possibility of using extended reality (XR) technology to allow users to virtually explore the library.
Father Mauro Mantovani, the Vatican Apostolic Library’s prefect, expressed his belief in the importance of preserving and promoting the library’s heritage. The NFT program is an experimental project aimed at leveraging technology to further engage supporters and raise awareness about the Vatican Library’s valuable collections.
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