More and more countries are declaring the need to implement cryptocurrency regulation. This week with the same statement was made by the National Commission on Joint Stock Companies and Exchanges of Italy.
The chairman of this department, Paolo Savona, stressed that if the state cannot establish control over the blockchain industry, then criminal structures will take advantage of its advantages. Already, criminals are laundering money through cryptocurrencies, and banks are unable to monitor the movement of funds in bitcoin and other coins.
If Italy introduces crypto regulation, then it will not only increase the transparency of this sector but also be able to accelerate its economic recovery with its help. The head of the commission noted that if the authorities of the European Union delay in this direction, then Italy will have no choice but to adopt the relevant legislation itself.
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Savona also added: “Without proper oversight of the crypto sphere, market transparency, regulators and traditional financial institutions can deteriorate.”