Italy’s Financial Watchdog Raises Concerns Over Unregulated Cryptocurrency Market – Regulation Bitcoin News
The chairman of Italy’s monetary regulator has raised considerations over the cryptocurrency market with out correct regulation. “Without proper oversight there could be a worsening in market transparency, the basis of legality and rational choice for (market) operators,” he stated.
Chairman of Italy’s Securities Regulator Sees Issues With Unregulated Cryptocurrency Market
The chairman of the Commissione Nazionale per le Società e la Borsa (Consob), Paolo Savona, voiced considerations concerning cryptocurrency Monday. Consob is the federal government authority of Italy accountable for regulating the Italian securities market. He stated as he offered the watchdog’s yearly report:
Without correct oversight there could possibly be a worsening in market transparency, the premise of legality and rational selection for (market) operators.
The Consob chairman famous that there are some 4,000-5,000 cryptocurrencies in circulation with none type of actual regulation.
He additional opined, “If we add to this Consob’s recent own experience in closing down in Italy hundreds of websites illegally gathering savings, the picture that emerges is worrying,” elaborating:
If it takes too lengthy at a European stage to provide you with an answer, (Italy) must take its personal measures.
Savona additionally warned that cryptocurrencies could possibly be utilized in prison actions, similar to tax evasion, cash laundering, funding terrorism, and kidnapping.
Numerous lawmakers worldwide have voiced related considerations as Savona, together with the president of the European Central Bank (ECB), Christine Lagarde, who beforehand stated cryptocurrencies have been largely utilized in illicit actions, notably cash laundering.
What do you concentrate on the feedback by the Consob chairman? Let us know within the feedback part beneath.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational functions solely. It isn’t a direct provide or solicitation of a proposal to purchase or promote, or a advice or endorsement of any merchandise, companies, or firms. Bitcoin.com doesn’t present funding, tax, authorized, or accounting recommendation. Neither the corporate nor the writer is accountable, immediately or not directly, for any harm or loss induced or alleged to be brought on by or in reference to the usage of or reliance on any content material, items or companies talked about on this article.