The president of Italy’s financial regulator has raised concerns over the cryptocurrency market without proper regulation. “Without proper oversight, there could be a decline in the transparency of the market, the basis for legitimacy and rational choice for (market) operators,” he said.
The chairman of Italy’s securities regulator looks at unregulated cryptocurrency market issues
Paolo Savona, president of the Commission Nazionale per le Société a la Borsa (CONSOB), expressed concerns about cryptocurrencies on Monday. CONSOB is the Italian government authority responsible for regulating the Italian securities market. He said he presented the Sentinel’s annual report:
Without proper oversight, transparency of the market, the basis for legitimacy and rational choice for (market) operators may decline.
The chairman of Consob said that there are around 4,000-5,000 cryptocurrencies in circulation without any real regulation.
“If we add to Consob’s own recent experience in illegal savings deposits to hundreds of websites in Italy, the picture that emerges is worrying,” he added, elaborating:
If it takes too long to come up with a solution at the European level, (Italy) will have to take its own measures.
Savona also warned that cryptocurrencies can be used for criminal activities such as tax evasion, money laundering, terrorism financing and kidnapping.
Several lawmakers around the world have expressed similar concerns to Savona, including European Central Bank (ECB) President Christine Lagarde, who previously stated that cryptocurrencies were used extensively. illegal activities, especially money laundering.
What do you think about the remarks of the Chairman of Consob? Let us know in the comments section below.
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