Bank of Italy advocates new regulations following crypto winter fallout

The primary banking authority in Italy has emphasized the importance of implementing a robust and risk-based regulatory framework for stablecoins. The aim is to prevent a potential worst-case scenario of a destabilizing "run" on these digital assets. In its latest report, titled "Markets, Infrastructures and Payment Systems" for June, the central bank specifically urges regulators to enforce comparable financial conduct standards on stablecoin issuers within the industry.



The bank highlights the significant harm inflicted upon consumers in the cryptocurrency sector, considering the rise of cryptocurrencies and the inherent volatility witnessed in unregulated cycles. It particularly emphasizes the need for regulatory attention towards stablecoin issuers, given their close ties with decentralized finance (DeFi). The objective is to


First found on: https://coinatory.com/2023/06/30/bank-of-italy-advocates-new-regulations/?utm_source=BG&utm_medium=Blogger+Some+Crypto+Blog&utm_campaign=SNAP