Bank of Italy Governor Fabio Panetta announced on Tuesday, July 9, that Italy’s central bank will soon release guidelines for implementing the European Union’s incoming crypto rules. The guidelines aim to ensure the effective application of the Markets in Crypto-Assets Regulation (MiCA) and safeguard cryptocurrency holders, as outlined in Panetta’s speech to the Italian Banking Association.
Panetta explained that MiCA categorizes tokens into two main types suitable for payments: asset-reference tokens (ARTs) and electronic money tokens (EMTs). However, he highlighted that the Bank of Italy has determined only EMTs can effectively serve as means of payment while maintaining public trust. EMTs are linked to a single official currency, like a USD-backed stablecoin, whereas ARTs’ value is tied to one or multiple assets, such as PAX Gold (PAXG), which is backed by gold.
Panetta referred to Bitcoin (BTC), currently priced at $58,788, and Ether (ETH), priced at $3,090, as examples of “unbacked crypto-assets” during his remarks. He described these assets as lacking intrinsic value and likened them to speculative investments.
He asserted that the primary goal of crypto investors is to sell their assets at higher prices, suggesting they might use them to circumvent tax regulations or measures aimed at combating money laundering and terrorist financing.
Panetta emphasized that “unbacked” cryptocurrencies lack the essential attributes to function effectively as money—namely, as a means of payment, store of value, and unit of account. He noted that while the number of investors unaware of the risks involved in these assets is currently low, it is not negligible, and could potentially increase in the future.
In late June, Reuters reported that the Italian government intends to enhance monitoring of crypto markets to align with MiCA regulations. A decree revealed plans to impose fines ranging from 5,000 euros ($5,400) to 5 million euros ($5.4 million) for violations including market manipulation and insider trading.