Italian authorities will strengthen supervision over cryptocurrency companies

For insider trading in digital assets, market manipulation or illegal disclosure of inside information, a fine of $5,400 to $5.4 million is imposed. Two departments intend to regulate the activities of cryptocurrency companies: the Central Bank and the Italian Companies and Exchange Commission (CONSOB).

Strengthened control over crypto companies will prepare the country's regulatory framework for the entry into force of the EU Cryptocurrency Act (MiCA) before the end of the year.

The Italian Ministry of Economy and Finance (MEF) has required that all Italian and foreign companies providing cryptocurrency services register with the special register of the payment services regulator Organismo Agenti E Mediatori (OAM). This supervisory authority controls financial, credit and brokerage activities. The registry includes a division of the world's largest crypto exchange Binance Italy, as well as the Bitpanda, BitGo Europe, BitPay and Bitstamp Europe platforms.

Registration of companies working with crypto assets with OAM will ensure transparency and compliance with anti-money laundering (AML) rules, the Ministry of Finance is confident. This means that Italian traders will only be allowed to use the services of registered virtual asset service providers (VASPs).

In April, CONSOB blocked Italians from accessing several cryptocurrency platforms, punishing exchanges for illegally promoting investments in crypto assets and trading foreign currencies.