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Italy’s central bank is set to release guidelines on how the country should apply the EU’s MiCA crypto laws. The news sources reported that this announcement came from Bank of Italy Governor Fabio Panetta, who criticized Bitcoin (BTC) and Ethereum (ETH) as “unbacked” cryptocurrencies. 
The Bank of Italy will publish its guidelines on applying the European Union’s Markets in Crypto-Assets Regulation (MiCA) in the coming days. Governor Fabio Panetta made this announcement on Tuesday, July 9. The guidelines aim to facilitate an effective application of MiCA and to protect cryptocurrency holders, as stated in Panetta’s speech to the Italian Banking Association. 
Panetta highlighted that MiCA outlines two primary categories of tokens suitable for payments: asset-reference tokens (ARTs) and electronic money tokens (EMTs). According to the Bank of Italy, only EMTs can fully function as a means of payment while maintaining public trust. An EMT’s value is linked to a single official currency, such as a United States dollar-backed stablecoin. In contrast, an ART’s value is pegged to one or more assets, such as the gold-backed token PAX Gold (PAXG). 
<h2 id="b-criticism-of-bitcoin-and-ethereum-b">Criticism of Bitcoin and Ethereum</h2> 
Governor Panetta specifically named Bitcoin (BTC) and Ether (ETH) as examples of “unbacked crypto-assets,” which he claimed “have no intrinsic value” and are akin to a gamble. He argued that the primary objective of crypto investors is to sell their assets at higher prices, often using them to dodge tax rules or regulations aimed at countering money laundering and terrorist financing. 
Panetta emphasized that Bitcoin and Ethereum do not possess the characteristics needed to function as money, including being a means of payment, a store of value, and a unit of account. He pointed out that the number of investors in unbacked cryptocurrencies who might not be aware of their risks is low but not negligible, and their numbers could increase in the future. 
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 Bank of Italy crypto guidelines
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<h2 id="b-increased-surveillance-and-fines-await-the-bank-of-italy-crypto-guidelines-b">Increased Surveillance and Fines Await the Bank of Italy Crypto Guidelines</h2> 
In response to the upcoming MiCA regulations, Reuters reported in late June that the Italian government plans to increase surveillance on crypto markets. The decree outlines fines ranging from 5,000 euros ($5,400) to 5 million euros ($5.4 million) for violations such as market manipulation and insider trading. 
The release of the Bank of Italy crypto guidelines will likely have significant implications for the broader European crypto market. As countries across the EU adopt MiCA regulations, Italy’s approach may serve as a model for others. By distinguishing between different types of crypto assets and emphasizing the need for investor protection, these guidelines could contribute to a more stable and secure crypto market in Europe. 
<h2 id="b-takeaway-from-the-upcoming-bank-of-italy-crypto-guidelines-b">Takeaway from the Upcoming Bank of Italy Crypto Guidelines</h2> 
The Bank of Italy’s upcoming crypto guidelines are expected to provide clarity on how the country will comply with the EU’s MiCA regulations. With Governor Panetta’s criticism of Bitcoin and Ethereum, the guidelines will likely emphasize the distinction between unbacked cryptocurrencies and those with intrinsic value. As the Italian government prepares to enforce stricter surveillance and impose hefty fines for violations, the landscape for crypto assets in Italy is set for significant changes. 
This move aligns with the Bank of Italy’s ongoing efforts to ensure the stability and security of the financial system while safeguarding investors. The new guidelines and increased regulatory measures will play a crucial role in shaping the future of crypto assets in Italy. 
Keep an eye on <a href="https://thebitjournal.com/">The BIT Journal</a> for the latest updates on the transformative Bank of Italy crypto guidelines and other crypto updates. As the Bank of Italy continues to refine its approach to crypto guidelines, staying informed will be essential for all stakeholders in the crypto space. 
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Game-Changing Bank of Italy Crypto Guidelines for Bitcoin and Ethereum Investing

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The Bit Journal

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