Italy’s Financial Watchdog Raises Concerns Over Unregulated Cryptocurrency Market – Regulation Bitcoin News

Bitcoin.com

The chairman of Italy’s financial regulator has raised concerns over the cryptocurrency market without proper regulation. “Without proper oversight there could be a worsening in market transparency, the basis of legality and rational choice for (market) operators,” he said.

Chairman of Italy’s Securities Regulator Sees Issues With Unregulated Cryptocurrency Market

The chairman of the Commissione Nazionale per le Società e la Borsa (Consob), Paolo Savona, voiced concerns regarding cryptocurrency Monday. Consob is the government authority of Italy responsible for regulating the Italian securities market. He said as he presented the watchdog’s yearly report:

How To Get Free Crypto  

Without proper oversight there could be a worsening in market transparency, the basis of legality and rational choice for (market) operators.

The Consob chairman noted that there are some 4,000-5,000 cryptocurrencies in circulation without any form of real regulation.

He further opined, “If we add to this Consob’s recent own experience in closing down in Italy hundreds of websites illegally gathering savings, the picture that emerges is worrying,” elaborating:

If it takes too long at a European level to come up with a solution, (Italy) will have to take its own measures.

Savona also warned that cryptocurrencies could be used in criminal activities, such as tax evasion, money laundering, funding terrorism, and kidnapping.

A number of lawmakers worldwide have voiced similar concerns as Savona, including the president of the European Central Bank (ECB), Christine Lagarde, who previously said cryptocurrencies were largely used in illicit activities, particularly money laundering.

What do you think about the comments by the Consob chairman? Let us know in the comments section below.

Tags in this story

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Coinbase Banner  

Read disclaimer

Go to Source
Author: Kevin Helms


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.