Bank of Italy to Release New Crypto Asset Guidelines Amid EU Regulatory Changes

European Union’s MiCAR regulation identifies EMTs and ARTs as suitable for payment use. The Bank of Italy is preparing guidelines to align with the European Union’s upcoming regulations for crypto assets, as reported by Reuters. Governor Fabio Panetta made the announcement during the Italian Banking Association (ABI) meeting, emphasizing the goal of safeguarding the stability […]

The post Bank of Italy to Release New Crypto Asset Guidelines Amid EU Regulatory Changes appeared first on Coin Edition.

Bank of Italy to Release New Crypto Asset Guidelines Amid EU Regulatory Changes

  • European Union’s MiCAR regulation identifies EMTs and ARTs as suitable for payment use.
  • Bank of Italy prioritizes stablecoins linked to official currencies (EMTs).
  • Governor Panetta advocates for gradual easing of monetary policy.

The Bank of Italy is preparing guidelines to align with the European Union’s upcoming regulations for crypto assets, as reported by Reuters. Governor Fabio Panetta made the announcement during the Italian Banking Association (ABI) meeting, emphasizing the goal of safeguarding the stability of the payment system.

Panetta highlighted that the EU’s Market in Crypto Asset Regulation (MiCAR) identifies electronic money tokens (EMTs) and asset-referenced tokens (ARTs) as suitable for payment use. EMTs are linked to the value of a specific official currency, while ARTs derive their value from one or more underlying assets. Panetta stated:

Our assessment is that the only instruments that can serve as means of payment while fully preserving the public’s trust are EMTs, electronic money …

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