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Fabio Panetta, Governor of Banca d’Italia, emphasized the need for regulatory attention on crypto-assets due to their alleged use in illicit activities and potential risks to the financial system. He made this statement during his speech at the 31st ASSIOM FOREX Congress on February 15.
"The spread of crypto-assets requires the attention of the authorities, also because of their extensive use for illicit purposes," said Panetta. "Regulatory arbitrage in this field may be particularly insidious and difficult to counter: some operators might exploit regulatory differences to adopt less-than-transparent or highly risky practices, In Europe, the revision of the Capital Requirements Regulation introduced a transitional regime for banks' crypto-asset holdings, which reflects the spirit of the standard defined by the Basel Committee."
According to Panetta, Italy’s central bank and securities regulator are actively engaging with crypto service providers to evaluate regulatory compliance and risk management strategies. He mentioned that the Markets in Crypto-Assets Regulation (MiCAR) aims to curtail speculative crypto-assets while ensuring investor protection. Panetta highlighted differences between European and U.S. regulatory approaches, suggesting that inconsistencies could allow crypto firms to exploit gaps, potentially impacting financial stability and market integrity.
