Italy to Crack Down on Crypto Market Manipulation with Hefty Fines

Italy is stepping up its surveillance of the crypto market and will impose substantial fines for market manipulation. A draft decree, set to be approved by the cabinet, outlines fines ranging from €5,000 to €5 million for activities like insider trading, unlawful disclosure of inside information, and market manipulation. This move aligns with the EU's Markets in Crypto Assets (MiCA) regulatory framework, which Italy is implementing. The decree designates Italy's central bank and market watchdog, Consob, as the authorities responsible for overseeing the crypto sector. This decision comes despite a survey indicating that only a small percentage of Italian households hold crypto. Italy had previously faced criticism for approving 73 crypto companies without proper due diligence, but this new measure suggests a stronger commitment to investor protection.