LATEST: Italy’s Central Bank to Apply EU’s MiCA for Crypto Regulation

The Bank of Italy is set to release guidelines that will facilitate the integration of new European Union regulations on crypto assets. Governor Fabio Panetta announced these developments during a speech at the Italian Banking Association. These guidelines aim to support the stable operation of the payment systems amidst evolving digital finance landscapes.

According to Panetta, the upcoming EU regulation, known as the Market in Crypto Asset (MiCA) Regulation, will include provisions for electronic money tokens (EMTs) and asset-referenced tokens (ARTs). These tokens are designed to meet the stringent requirements necessary for use as payment methods. EMTs are specifically tied to the value of a single official currency, enhancing their stability and trustworthiness.

Panetta emphasized the critical role of EMTs, stating that they are the most viable digital instruments for preserving public trust in payments. These can be issued by banks or electronic money institutions, ensuring a secure and regulated approach to digital currency transactions.

Reuters

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