Italy Plans Stricter Regulations for Crypto Market, Fines for Market Manipulation and Insider Trading
Italy is set to introduce tighter regulations for its cryptocurrency market, with significant fines for market manipulation and insider trading, according to a recent report by Reuters. The Italian government is preparing measures to enhance oversight of cryptocurrency activities, with fines ranging from €5,000 to €5 million ($5,400 to $5.4 million) proposed for insider trading, unauthorized disclosure of confidential information, and market manipulation.
The report highlights concerns raised by central banks and international organizations about the lack of intrinsic value in cryptocurrencies and their potential to threaten macroeconomic and financial stability. Global investigations have also revealed that cryptocurrencies can facilitate fraudulent activities.
Italy’s proposed scheme falls under the framework of a European regulation introduced last year, which designates the country’s central bank and market regulator Consob as the primary authorities responsible for overseeing crypto activities and ensuring financial stability.
Vatican Library Launches NFT Program
The Vatican Library has recently announced plans to embrace web3 technology by issuing non-transferable non-fungible tokens (NFTs) to supporters of its manuscript collections. In a statement, the library, known for its vast collection of ancient manuscripts and printed books, outlined its “experimental” project, which initially targets donors from Italy who support the Vatican Apostolic Library.
As part of the initiative, Italians who promote the NFT project on social media until July 16 will receive a Silver NFT, granting them access to a unique collection of high-resolution images of 15 manuscripts. Donors will receive a Gold NFT, providing access to all high-resolution images in the selection. This pilot project could potentially expand to allow users to virtually explore the library using immersive extended reality (XR) technology.
“I believe that our heritage requires special attention and dedication focused on preservation and promotion,” said Father Mauro Mantovani, Prefect of the Vatican Apostolic Library.
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