Italy is set to implement stringent regulations on its cryptocurrency market, aiming to curb market manipulation and insider trading with hefty fines.

Italy Strengthens Crypto Penalties

Italy’s government is gearing up to enhance its oversight of cryptocurrency activities. According to a Reuters report, a draft decree reviewed by the news agency proposes significant fines for infractions such as insider trading, unauthorized disclosure of confidential information, and market manipulation. These fines are expected to range from 5,000 to 5 million euros ($5,400 to $5.4 million).

This move comes amid growing concerns from central banks and international organizations about the risks associated with cryptocurrencies. Critics argue that the lack of intrinsic value in digital assets poses threats to macroeconomic and financial stability. Moreover, global investigations have highlighted the potential for cryptocurrencies to facilitate fraudulent activities.

The proposed regulatory framework aligns with a European regulation introduced last year. It designates Italy’s central bank and the market regulator Consob as the primary authorities responsible for overseeing crypto activities and ensuring financial stability.

Vatican Library Introduces NFT Program

In an unrelated but equally notable development, the Vatican Library has announced an innovative project to expand its web3 adoption. The library plans to issue non-transferable non-fungible tokens (NFTs) to supporters of its manuscript collections. This initiative aims to enhance the preservation and promotion of the library’s vast collection of ancient manuscripts and printed books.

The “experimental” project targets donors from Italy who support the Vatican Apostolic Library. Those who promote the NFT project on social media until July 16 will receive a Silver NFT, granting 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. The project also hints at future possibilities for users to explore the library virtually through immersive extended reality (XR) technology.

Father Mauro Mantovani, the prefect of the Vatican Apostolic Library, emphasized the importance of this initiative, stating, “Our heritage requires special attention and dedication geared toward preservation and promotion.”

Also Read: South Korea Sets NFT Guidelines to Navigate Crypto Market

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