Bank of Italy Governor: Italian Regulators Are Working on Upcoming EU Cryptocurrency Regulations

According to CoinDesk, the Governor of the Bank of Italy, Ignazio Visco, said that Italian regulators are preparing for the forthcoming European Union cryptocurrency regulations under the framework of the market for encrypted assets (MiCA). Ignazio Visco said that while the economies of Italy and the euro zone were decelerating, last year's cryptocurrency market crash did not have any "systemic consequences" for the "real economy" due to the industry's weak ties to traditional finance. Ignazio Visco also said that Bank of Italy surveys show that only about 2% of Italian households hold a “moderate average” amount of cryptocurrencies, and that Italian institutions have very limited exposure to the cryptocurrency market.