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Source: Finance Association
According to media reports, Italy plans to take measures to strengthen the supervision of encrypted asset -related risks, including high fines for manipulators.
According to the draft seen by the media, the Italian government will be fined 5 million-5 million euros (5400-5.4 million US dollars) on insider trading, illegal disclosure of inside information or manipulating the market.The decree will be approved by the Italian cabinet on Thursday local time.
The plan was implemented within the framework formulated by the European regulatory agency last year. It will be used as an institution for regulatory cryptocurrency activities to maintain financial stability and ensure the orderly operation of the market.
The advantage of cryptocurrencies is that people can remit money around the world without using the mainstream financial system, but it has also attracted the attention of regulatory agencies.Central banks and international institutions in various countries warn that cryptocurrencies have no basic value and constitute risks for macroeconomics and financial stability.
In May this year, the House of Representatives of the United States passed the “21st Century Financial Innovation and Technical Act” (referred to as the FIT21 Act).This is a milestone crypto market legislation that marks that the United States may change greatly in the field of encrypted assets.
The bill will tailor the disclosure and registration system for digital asset companies, and will transfer institutions responsible for supervising the industry from the US Securities and Exchange Commission (SEC) to the Commodity Futures Trading Commission (CFTC).
This is interpreted by the market as a favorable for the digital asset industry. The industry has previously complained that the SEC has imposed the traditional disclosure system to them, and this approach is incompatible.
However, the FIT21 Act was passed by the House of Representatives led by Republicans. The Senate, which is controlled by the Democratic Party, voted for voting, and it is difficult to successfully break through the court.In addition, US President Biden has expressed his opposition to the bill.
