The chairman of Italy’s Commissione Nazionale per le Società e la Borsa [Consob], Paolo Savona joined the list of several officials who have been calling out the crypto-verse for being an unregulated industry.
The crypto market‘s journey towards $2 trillion was impeccable. The demand and popularity of the industry grew to new heights further falling under the purview of governments across the globe.
Even though the crypto industry started off as an entity free from the shackles of the government or any sort of regulatory body, it went on to be partially regulated. However, several authorities across the globe have been yearning for strict regulations of the crypto market. Italy’s Paolo Savona is the latest to express his distress over the unregulated growth of cryptocurrencies.
Italy’s regulator highlights the need for regulations on crypto
The Consob chairman had reportedly suggested that digital assets that weren’t regulated could aid in illegal activities that included money laundering. In a recent article by Reuters, it was noted that Savona laid these concerns out during an annual report presentation of the Italian agency.
In his presentation he stated,
“Without proper oversight there could be a worsening in market transparency, the basis of legality and rational choice for (market) operators. If we add to this Consob’s recent own experience in closing down in Italy hundreds of websites illegally gathering savings, the picture that emerges is worrying.”
Digital assets could be a medium as well as an armor to criminals, he noted. The Italian regulator suggested that criminal activities like tax evasion, money laundering, terrorism as well as kidnapping could be facilitated by cryptocurrencies.
Furthermore, the Consob chairman pointed out that there were about 4,000 to 5,000 cryptocurrencies in circulation that weren’t under the purview of any regulation. While governments across the globe have been speeding up their process of regulating crypto, the Consob chair suggested that Italy would do better if it came up with its own solution instead of waiting up for Europe. He added,
“If it takes too long at a European level to come up with a solution, (Italy) will have to take its own measures.”