Italy’s stock exchange regulator revealed earlier today on Monday that the unregulated spread of cryptocurrencies might be a cause for concern, consistent with a report.
“Without proper oversight, there might be a worsening in market transparency, the idea of legality as well as rational choice for [market] operators,” Consob Chairman Paolo Savona revealed, consistent with Reuters.
Savona warned crypto assets might be a shield for criminal activity like tax evasion, money laundering as well as funding terrorism.
Cryptocurrencies could also undermine central banks’ ability to conduct monetary policy, he outlined.
There are between 4,000-5,000 unregulated crypto assets in circulation, and Consob has recently closed down several hundreds of websites illegally gathering savings in Italy, Savona added.
“If it takes too long at an EU level to return up with a solution, [Italy] will need to take its own measures,” he explained.