Italy’s Regulator Holds Webinar With Experts On New Crypto Regulations
The digital assets space’s success has led to the agitation for more regulations globally. Some criminal activities aided by the blockchain platform necessitated many countries to create a clear regulatory framework. Last year, many influential countries decided to make laws and legislations concerning the crypto industry. Countries like America forged ahead with FinCEN’s proposed regulations during Trump’s tenure.
Although the country is yet to pass the controversial regulations, sources believe that regulations for the sector are unavoidable due to the bad players giving the industry a bad name. Now, Italy is taking steps to consult experts to understand how the regulations will play out. Many nations want to regulate the sector without stopping its growth, which is the reason behind the country’s consultation.
Italy’s securities regulators reveal its recently held webinar with industry players
The country understands that making laws for a particular sector requires the regulators to understand the platform fully. The sector’s regulator explained that it had a webinar with industry experts in attendance to probe token offering regulation. The body did not give much information about its new plans, but sources explained that the regulator wants regulations that support tokenization.
The regulatory body is called Consob, and it wants crypto tokens to represent traditional assets. Another key issue the regulator would deal with is for STO operators. The body would create appropriate regulations for the operators for key aspects such as terrorism financing, governance, and investor protection.
Presently, tokens for equities within the region are widely accepted, with many firms and investment banks taking interest around the continent. Interestingly, Switzerland is interested in the issuance of equity tokens like many other countries in Europe. Many crypto-related firms in Italy know the regulator for its regular scrutiny of the industry, but the country is yet to have regulations for the digital asset industry.
Before the nation took the step to create its regulations, it previously depended on initiatives within the continent to regulate crypto activities. Its present step would help the country curb some illegal activities criminals crypto for.
Other European countries tighten crypto regulations
Many countries within the space are finally creating regulations for the sector, and that includes France. France has numerous industry regulations, which is expected due to its movement with other world powers for a clear regulatory framework’s creation. The region’s regulator, Consob, is known to handle crypto-related affairs very vigilantly as many illegal activities arise within the crypto space. The body ordered e internet service providers to prevent Italians from being able to access many crypto-related websites.
The watchdog explained that the industry would have registers for regulations, which the first is for the exchanges, while the other is for digital wallets. This move would allow the body to propose rules for both parties efficiently. Some sources claimed that the regulator wanted to allow exchanges to have a stance in the European country once they can give the public sufficient information regarding their devices. The body might allow creating a separate register for crypto asset managers to give the regulation needed divisions.