The chairman of the Italian financial regulator expressed concern about the lack of proper supervision of the cryptocurrency market. “Without proper supervision, market transparency, the legitimacy of (market) operators and the basis for rational choice may deteriorate,” he said.
The chairman of the Italian securities regulator believes that the cryptocurrency market is unregulated
On Monday, Paolo Savona, chairman of the French National Banking Council, expressed concerns about cryptocurrencies. Consob is an Italian government agency responsible for overseeing the Italian securities market. When submitting the annual report of the regulator, he said:
Without proper supervision, market transparency, the legitimacy of (market) operators and the basis for rational choice may deteriorate.
Chairman Consob pointed out that there are approximately 4,000-5,000 cryptocurrencies in circulation without any form of real regulation.
He further believes that “if we add Consob’s own recent experience of shutting down hundreds of illegal fund-raising websites in Italy, the situation that arises is worrying,” detailed:
If it takes too long to propose a solution at the European level, (Italy) will have to take its own measures.
Savona also warned that cryptocurrency can be used for criminal activities such as tax evasion, money laundering, financing of terrorism and kidnapping.
Many lawmakers around the world have expressed concerns similar to those of Savona, including Christine Lagarde, President of the European Central Bank (ECB), who previously stated that cryptocurrencies are mainly used for illegal activities. , Especially money laundering activities.
What do you think of Chairman Consob’s comments? Tell us in the comments section below.
Image Source: Shutterstock, Pixabay, Wikimedia Commons
Disclaimer: This article is for reference only. It is not a direct offer or invitation to buy or sell, nor is it a recommendation or endorsement of any product, service or company. Bitcoin.com does not provide investment, tax, legal or accounting advice. The company or the author shall not bear direct or indirect responsibility for any damage or loss caused or claimed to be caused by using or relying on any content, goods or services mentioned in this article.