Italy’s Central Bank to Release Guidelines on Implementing EU Crypto Regulations

cryptonews.com:

Italy’s central bank, led by Governor Fabio Panetta, has announced plans to publish guidelines on how to apply the upcoming European Union (EU) crypto regulations.

During a speech to the Italian Banking Association, Panetta revealed that the guidelines will be released “in the coming days” and will aim to facilitate the effective implementation of the EU’s Markets in Crypto-Assets Regulation (MiCA).

The guidelines will also focus on protecting cryptocurrency holders.

MiCA introduces two primary categories of tokens: asset-reference tokens (ARTs) and electronic money tokens (EMTs).

Panetta highlighted that, according to the Bank of Italy’s findings, only EMTs can fully serve as means of payment while maintaining public trust.

EMTs are linked to a single official currency, such as a stablecoin backed by the US dollar.

In contrast, ARTs have their value pegged to one or more assets, like the gold-backed token PAX Gold (PAXG).

During his speech, Panetta referred to Bitcoin and Ether as examples of “unbacked crypto-assets” that lack intrinsic value and likened them to a form of gambling.

He noted that the primary objective of investors in such assets is to sell them at higher prices.

Panetta also expressed concerns about potential tax evasion and the use of cryptocurrencies for money laundering and terrorist financing due to their lack of regulation.

While acknowledging that the number of investors in unbacked cryptocurrencies who may be unaware of the risks is currently low but not negligible, Panetta warned that their numbers could increase in the future.

Italy has recently taken measures to bolster its oversight of cryptocurrency markets in line with the MiCA regulatory framework.

These steps aim to enhance surveillance, counter