Italy To Introduce Stricter Crypto Oversight And Regulation: Reuters

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Hongji Feng

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Hongji Feng

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Hongji is a crypto and tech reporter. He graduated from Northwestern University's Medill School of Journalism with a Bachelor's and a Master's. He has previously interned at HTX (Huobi Global),...

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June 21, 2024 01:38 EDT

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Italy plans to implement stricter regulations for its crypto market, including significant fines for market manipulation and insider trading.

According to a recent report by Reuters, the Italian government is preparing to introduce measures to enhance oversight of cryptocurrency activities. The draft decree reviewed by Reuters included considerable fines for relevant crimes.

Italy Strengthens Crypto Penalties

The draft decree, expected to receive cabinet approval, proposed fines ranging from 5,000 to 5 million euros ($5,400 to $5.4 million) for insider trading, unauthorized disclosure of confidential information, and market manipulation.

The report stated that central banks and international organizations have cautioned against crypto due to its lack of intrinsic value while threatening macroeconomic and financial stability. Global investigations have also indicated that crypto can facilitate fraudulent activities.

Under the framework of a European regulation introduced last year, the proposed scheme appointed Italy’s central bank and the market regulator Consob as the primary authorities to oversee crypto activities, ensuring financial stability.

Vantican Library Introduces NFT Program

The Vatican Library recently announced plans to expand web3 adoption by issuing non-transferable non-fungible tokens (NFTs) to supporters of its manuscript collections.

In a statement, the library, which houses a vast collection of ancient manuscripts and printed books, detailed the initiative. This “experimental” project currently targets donors from Italy who support the Vatican Apostolic Library.

Italians who promote the NFT project on social media until July 16 will receive a Silver NFT, granting access to a unique collection of high-resolution images of 15 manuscripts.

Donors will receive a Gold NFT, providing access to all high-resolution images in the selection. This experiment could extend further, potentially allowing users to explore the library virtually through immersive extended reality (XR) technology.

“I believe that our heritage requires special attention and dedication geared toward preservation and promotion,” said Father Mauro Mantovani,the Vatican Apostolic Library’s prefect.