The guidelines, which will be published “soon”, aim to ensure effective implementation of MiCA and protect some cryptocurrency investors, the bank said. MiCA divides cryptocurrencies into two main categories: asset-referenced tokens (ARTs) and electronic money tokens (EMTs). Of those categories, only EMTs appear to meet the requirements to be used in payments, according to Panetta’s statement.

EMTs are pegged to a single fiat currency, just like a US dollar-backed stablecoin. In this way, their value is stable and they can be used as a means of payment. In contrast, the value of ARTs is tied to one or more assets, such as gold.

This makes their values ​​more volatile and less suitable for payment. Panetta criticized Bitcoin and Ethereum, calling them assets that “have no intrinsic value” and are “like gambling.”

The Central Bank governor suggested that the main goal of cryptocurrency investors is to sell their assets at higher prices. He also warned that investors could use cryptocurrencies to avoid taxes or bypass anti-money laundering and anti-terrorism financing regulations.

Panetta stated that the number of people investing in “unsecured” cryptocurrencies such as Bitcoin and Ethereum is small but too large to ignore, and that this number may increase in the future. This indicates that investors are not aware of potential risks.

The Italian government has taken action to comply with MiCA. The government plans to increase supervision of cryptocurrency markets, Reuters news agency reported. A decree was prepared that provides for fines ranging from 5,000 Euros to 5 million Euros for crimes such as market manipulation and internal trading. These sanctions will ensure that regulations are taken seriously and will deter potential crimes.

Overall, Italy is taking steps to comply with upcoming EU regulations. The Central Bank is warning investors about the risks of “unsecured” cryptocurrencies such as Bitcoin and Ethereum. The government plans to strictly monitor the markets. These developments show that Italy aims to regulate the cryptocurrency market in a safe and stable manner.

However, the future of the cryptocurrency market remains uncertain as the details of how MiCA will be implemented are not yet clear. The guidelines to be published by the Bank of Italy in the coming days will reveal a clear picture of the country’s cryptocurrency regulations.