Italy’s central bank and securities regulator are in discussions with crypto service providers to ensure adequate safeguards against financial and cybersecurity risks, according to Bank of Italy Governor Fabio Panetta.
Panetta discussed key issues related to crypto assets, digital finance and cybersecurity risks pertaining to global and European regulations at the 31st Assiom Forex Congress on in February, reports Cointelegraph.
According to Panetta, the crypto ecosystem is under global regulatory scrutiny due to risks including money laundering and financial stability concerns.
He emphasized that while Europe has adopted the Markets in Crypto-Assets Regulation (MiCA) to protect investors, the United States continues to regulate crypto on a case-by-case basis depending on whether assets are classified as securities.
Panetta pointed to the differences in approach between Europe and the US, noting that the Trump administration’s executive order on digital financial technology, issued on Jan. 23, suggests an inclination toward integrating crypto assets into the financial system.
Panetta said that crypto operators may exploit the regulatory differences and hamper the integrity of the financial system, adding:
“These regulatory divergences between the United States and Europe will need to be carefully assessed, once the US authorities’ position becomes clearer, in order to understand their international implications.”
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