Italy to strengthen crypto market oversight with significant penalties: what the draft decree envisages.
According to Reuters, Italy plans to increase oversight of the digital asset market through new regulatory measures, which include heavy penalties for market manipulation, insider trading and unlawful disclosure of inside information. Such rules are aimed at entities with large capitals, hence exchanges and institutional actors.
A draft of the decree, which is expected to be approved today by the Italian Cabinet, proposes fines ranging from €5,000 to €5 million.
The initiative aligns with the imminent entry into force of the MiCA. The decree assigns the Italian central bank and the market watchdog, Consob, the role of crypto market supervisors.
In 2022, Italy made it mandatory for crypto companies operating in the country to register with the OAM (Organism of Agents and Mediators) register, the Italian body that manages the lists of agents in financial activity and credit brokers.
