Italy will introduce large fines for crypto fraud

Italy intends to tighten supervision over the crypto market and introduce fines of up to 5 million euros for fraudulent activities. As Reuters reports with reference to the draft document, the measures are aimed at strengthening control over risks associated with the cryptocurrency sector.

The document, which must be approved by the Cabinet of Ministers, provides for fines of 5,000 to 5 million euros for insider trading, illegal disclosure of insider information and market manipulation.


In general, EU countries are preparing to implement a comprehensive regulatory framework for the sector, known as the Markets in Crypto Assets Act (MiCA). As part of implementation, the authorities of the participating countries must decide which local regulator will be given the authority to supervise the sector.

According to Reuters, in Italy this role will be given to the central bank and the Securities Commission (CONSOB). The Central Bank noted that the introduction of cryptocurrencies in the country is at a low level: only 2% of households own small amounts of digital assets, and there are few intermediaries in the market.

Previously, Italian authorities introduced a mandatory registration requirement for crypto companies and approved 73 firms to operate as virtual asset service providers.

In May, online brokerage platform Robinhood (NASDAQ:HOOD) launched localized applications and staking service for its native Solana blockchain token in Italy and other EU countries.

The EU authorities also established an organization to develop and implement blockchain infrastructure for data exchange within the bloc. Ten countries will initially take part in the implementation, including Italy.