Cryptocurrency crimes will be punished in Italy through regulations that establish fines between 5,000 euros and 5 million euros (USD $5,400 and USD $5.4 million).

People who commit crimes “such as insider trading, illegal disclosure of inside information or market manipulation related to digital currencies” will have to pay the high sums established by the authorities.

Italy seeks to implement stricter measures in the crypto market to control the risks linked to digital assets. All within the framework of the new laws of the European Union, the Crypto Asset Markets Law, MiCA.

The draft of new sanctions in Italy establishes that the country’s central bank and the market control body, Consob, will be in charge of implementation.

The new regulations add to independent measures by the Italian government to regulate the crypto industry.

M.Pino

Source: diariobitcoin

(Reference image source: Kanchanara in Unsplash)

Visit our news channel on Google News and follow us to get accurate, interesting information and stay up to date with everything. You can also see our daily content on Twitter and Instagram

La entrada Italy to impose fines of USD 5 million for cryptocurrency crimes apareció primero en Bitfinance.