Bank of Italy to issue crypto asset guidelines – governor

By Aya El Sayed On Jul 9, 2024

The Bank of Italy is set to release guidelines in the coming days on implementing forthcoming European Union regulations for crypto assets, aimed at safeguarding the stability of the payment system, Governor Fabio Panetta announced on Tuesday.

Speaking at the Italian Banking Association (ABI), Panetta highlighted that the EU’s Market in Crypto Asset Regulation (MiCAR) identifies electronic money tokens (EMTs) and asset-reference tokens (ARTs) as meeting criteria for use in payments.

EMTs are tied to the value of a specific official currency, whereas ARTs derive their value from one or more underlying assets.

“Our assessment is that the only instruments that can serve as means of payment fully preserving the public’s trust are EMTs, electronic money tokens, which can be issued by banks or electronic money institutions,” Panetta stated.

Attribution: Reuters.

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