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Italy Steps Up Crypto Market Surveillance in Alignment with EU Regulations

Jun 20, 2024

 Italy Steps Up Crypto Market Surveillance in Alignment with EU Regulations
 Italy Steps Up Crypto Market Surveillance in Alignment with EU Regulations
 Italy Steps Up Crypto Market Surveillance in Alignment with EU Regulations

Italy is intensifying its surveillance of the crypto market in compliance with the European Union's Markets in Crypto-Assets (MiCA) regulatory framework. The new policy draft outlines fines ranging from 5,000 to 5 million euros ($5,400–$5.4 million) for offences such as market manipulation and financial crimes related to digital assets. The aim is to bolster oversight to combat insider trading and ensure market integrity. MiCA, initially passed in 2022, mandates stricter regulations for blockchain firms and decentralised finance (DeFi) protocols operating within the EU, prompting adjustments such as decentralised networks needing to comply with Anti-Money Laundering and Know Your Customer rules or risk facing penalties. Centralised exchanges like Binance have begun adapting to MiCA's requirements by categorising stablecoins and making gradual transitions to comply with the new framework, reflecting broader efforts across the EU to regulate the burgeoning crypto sector.