Italy plans to implement stricter regulations for its cryptocurrency market, including significant penalties for market manipulation and insider trading.
According to a recent Reuters report, the Italian government is preparing to introduce measures to strengthen oversight of cryptocurrency activity. A draft decree reviewed by Reuters included hefty fines for relevant crimes.
The draft decree, which was expected to receive government approval, provided for fines ranging from 5,000 to 5 million euros ($5,400 to $5.4 million) for insider trading, unauthorized disclosure of confidential information and market manipulation.
The report said that central banks and international organizations have warned against cryptocurrencies due to their lack of intrinsic value, while threatening macroeconomic and financial stability. Global investigations have also shown that cryptocurrencies can facilitate fraudulent activities.
As part of a European regulation introduced last year, the proposed program designates Italy’s central bank and regulator Consob as the main regulators of crypto activity to ensure financial stability.
Vatican Library launches NFT program
The Vatican Library recently announced plans to expand the use of web3 by issuing non-transferable, non-exchangeable tokens (NFTs) to supporters of its manuscript collections.
In a statement, the library, which houses a vast collection of ancient manuscripts and printed books, detailed the initiative. This “experimental” project is currently targeting donors from Italy to support the Vatican’s Apostolic Library.
Italians who promote the NFT project on social media by July 16 will receive a Silver NFT, providing access to a unique collection of high-resolution images of 15 manuscripts.
Donors, in turn, will receive a Gold NFT, providing access to all selected high-resolution images. The experiment could have further reach and potentially allow users to virtually explore the library through immersive augmented reality (XR) technology.
“I believe that our heritage requires special attention and dedication focused on preservation and promotion,” said Father Mauro Mantovani, prefect of the Apostolic Library of the Vatican.
