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Italy is set to release complete guidelines for cryptocurrencies, aligning with the European Union’s Markets in Crypto-Assets Regulation (MiCA). Bank of Italy Governor Fabio Panetta announced that these guidelines would be published in the coming days to ensure effective application and enhance the protection of crypto holders. 
Panetta, in his speech to the Italian Banking Association on July 9, emphasized that MiCA identifies two main categories of tokens—asset-reference tokens (ARTs) and electronic money tokens (EMTs)—as suitable for payments.&nbsp;
However, he underscored that only EMTs can fully function as a means of payment while preserving public trust. EMTs are stable as their value is linked to a single official currency, like a US dollar-backed stablecoin. In contrast, ARTs, whose value is pegged to multiple assets such as gold, are considered more volatile.
<h3 id="span-span-data-font-font-size-style-font-size-16px-governor-panetta-criticizes-unbacked-cryptocurrencies-span-span">Governor Panetta Criticizes Unbacked Cryptocurrencies</h3>
Governor Panetta criticized <a href="https://www.coingabbar.com/en/crypto-currency-news/metaplanet-bitcoin-purchase-stock-surge" title="Bitcoin" class="f-link" rel="noopener noreferrer nofollow">Bitcoin</a> (BTC) and Ethereum (ETH) stating that they are unbacked, and have no real value. He correlated such cryptocurrencies to betting, implying that most investors’ primary goal is to flip their assets for a better price.&nbsp;
He also pointed out the problems associated with the use of these assets for avoiding taxes and for avoiding the anti-money laundering and counter-terrorist financing laws.
Panetta said that cryptocurrencies without backing cannot be considered money as they do not possess the qualities of a medium of exchange, a store of value, and a measure of value.&nbsp;
He agreed with the fact that although at the present moment, the number of investors who are not aware of the risks connected with unbacked cryptos is relatively small, this number may advance in the future and bring numerous risks.
The new Italian guidelines that will be issued shortly and will be based on the <a href="https://www.coingabbar.com/en/crypto-currency-news/micas-role-in-boosting-eur-stablecoins-adoption" title="MiCA" class="f-link" rel="noopener noreferrer nofollow">MiCA </a>will provide stability to the financial system and at the same time encourage innovation and protect consumers.&nbsp;
These regulations are part of a larger plan of the Italian government to step up monitoring of the crypto market with possible penalties of between 5,000 euros ($5,400) to 5 million euros ($5. 4 million) for mischievous acts such as market manipulation and insider trading.
Major crypto companies like Binance have already started modifying their operations to comply with these new regulations. Other firms, such as BingX, are exploring partnerships with third-party custodians to enhance user asset protection, aiming to create a secure and transparent trading environment while promoting innovation in the crypto sector.
Also Read:&nbsp;<a href="https://www.coingabbar.com/en/crypto-currency-news/top-blockchain-projects-q2-2024" title="Top Blockchain Projects Launching in Quarter 2 2024" class="f-link" rel="noopener noreferrer nofollow">Top Blockchain Projects Launching in Quarter 2 2024</a>

Italy to Unveil Crypto Guidelines under EU MiCA Law

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