Bank of Italy to Release New Crypto Asset Guidelines Amid EU Regulatory Changes

The Bank of Italy is set to release new crypto asset guidelines in response to the EU’s Market in Crypto Asset Regulation （MiCAR）. This article discusses the upcoming guidelines, their focus on stablecoins, and the broader regulatory landscape in the EU.

Points

• The Bank of Italy will release new crypto asset guidelines.
• The guidelines respond to the EU’s MiCAR regulation.
• Focus on stablecoins linked to official currencies （EMTs）.
• Governor Panetta advocates for a gradual easing of monetary policy.
• MiCAR identifies EMTs and ARTs as suitable for payment use.

The Bank of Italy is preparing to release new guidelines for crypto assets in response to the European Union’s Market in Crypto Asset Regulation （MiCAR）. These guidelines will prioritize stablecoins linked to official currencies, known as electronic money tokens （EMTs）.

MiCAR Regulation Overview

MiCAR aims to create a comprehensive regulatory framework for crypto assets within the EU. It identifies EMTs and asset-referenced tokens （ARTs） as suitable for payment use. EMTs are linked to the value of a specific official currency, while ARTs derive their value from one or more underlying assets. The regulation is part of a broader effort to ensure financial stability and consumer protection in the rapidly evolving crypto market.

Bank of Italy’s Focus on Stablecoins

The Bank of Italy’s upcoming guidelines will emphasize the importance of stablecoins like EMTs, which are considered more stable and trustworthy for payment purposes. Governor Fabio Panetta has highlighted the need for gradual easing of monetary policy while ensuring that stablecoins preserve public trust.

Regulatory Implications

The new guidelines from the Bank of Italy will align with MiCAR’s objectives, aiming to foster a secure and transparent crypto market. By focusing on stablecoins, the guidelines will support the use of digital currencies in everyday transactions, promoting financial inclusion and innovation.

Conclusion

The Bank of Italy’s forthcoming guidelines on crypto assets represent a significant step in the EU’s efforts to regulate the crypto market. By focusing on stablecoins, the guidelines aim to ensure stability and trust in digital currencies, supporting their use in payment systems and fostering a secure and innovative financial environment.

解説

• MiCAR Regulation: MiCAR provides a comprehensive regulatory framework for crypto assets, focusing on stability and consumer protection.
• Stablecoin Focus: The Bank of Italy’s emphasis on stablecoins highlights their importance in promoting secure and trustworthy digital payments.
• Regulatory Alignment: The new guidelines will align with MiCAR’s objectives, fostering a secure and transparent crypto market in the EU.