The Bank of Italy intensifies crypto supervision amid EU-US regulatory differences, focusing on stability and innovation.
Dialogue with market participants and the search for stability
In early 2025, the Bank of Italy and the Commissione Nazionale per le Società e la Borsa (Consob) initiated an in-depth dialogue with representatives of the Bitcoin industry. The main objective is to ensure that companies comply with financial soundness, cybersecurity and anti-money laundering standards.
Fabio Panetta, governor of the Bank of Italy, stressed the importance of strengthening the supervision of crypto assets in light of the growing divergence in global regulatory frameworks. According to Panetta, Europe has taken a step forward with the implementation of the MiCA (Markets in Cryptoassets Regulation), which creates a single legal framework for the issuance, trading and custody of digital assets.
Regulatory concerns in the US
Unlike the EU, the US has not yet developed a unified approach to cryptocurrency regulation. As a result, companies and investors must rely on court decisions and the positions of individual agencies, such as the SEC and the CFTC. Panetta expressed concern that this opens up potentially exploitable vulnerabilities against the global banking system.
He also paid particular attention to the possible expansion of large technology companies that, taking advantage of the flexibility of the US regulatory framework, could launch their own digital currencies and provide financial services bypassing traditional banks. This scenario entails risks for monetary policy, competition and consumer protection.
Financial stability risks in cryptographic asset markets
Strengthening regulatory framework in Italy
In this context, the Bank of Italy is stepping up its efforts to strengthen its control over the cryptocurrency sector. In particular, the institution requires digital asset providers to have clear risk management strategies, a reliable IT infrastructure, as well as mechanisms for monitoring suspicious transactions and enforcing sanctioning regimes.
Panetta also called for international coordination, particularly within the G20 and the IMF, to reduce the scope for regulatory arbitrage between jurisdictions. In his view, globally coordinated policies can prevent the loss of trust in financial institutions and ensure a stable development of digital innovation.
Balancing innovation and security
Italy has demonstrated a balanced and proactive approach to regulating the crypto economy. The desire to strike a balance between financial innovation and user protection places it among the EU's leading countries in policy on cryptocurrencies. Against a backdrop of rapid change and increasing risks, this approach is particularly relevant.
The Italian authorities recognise that blockchain technologies, tokenization and decentralised finance (DeFi) offer enormous potential to transform global finance. However, they also understand that without proper supervision these innovations can generate instability, fraud and systemic vulnerabilities. By promoting responsible innovation, Italy aims to attract trustworthy players to its market, while minimising exposure to speculative and high-risk ventures. This dual focus allows the country's financial system to remain resilient and ready for the future, supporting both growth and consumer protection.
AMINA Bank, regulated in Switzerland, gets its Type 1 licence upgrade in Hong Kong in October 2025, becoming the first international banking group to offer spot trading and custody of crypto assets for professional investors.
Dialogue with market participants and the search for stability
In early 2025, the Bank of Italy and the Commissione Nazionale per le Società e la Borsa (Consob) initiated an in-depth dialogue with representatives of the Bitcoin industry. The main objective is to ensure that companies comply with financial soundness, cybersecurity and anti-money laundering standards.
Fabio Panetta, governor of the Bank of Italy, stressed the importance of strengthening the supervision of crypto assets in light of the growing divergence in global regulatory frameworks. According to Panetta, Europe has taken a step forward with the implementation of the MiCA (Markets in Cryptoassets Regulation), which creates a single legal framework for the issuance, trading and custody of digital assets.
Regulatory concerns in the US
Unlike the EU, the US has not yet developed a unified approach to cryptocurrency regulation. As a result, companies and investors must rely on court decisions and the positions of individual agencies, such as the SEC and the CFTC. Panetta expressed concern that this opens up potentially exploitable vulnerabilities against the global banking system.
He also paid particular attention to the possible expansion of large technology companies that, taking advantage of the flexibility of the US regulatory framework, could launch their own digital currencies and provide financial services bypassing traditional banks. This scenario entails risks for monetary policy, competition and consumer protection.
Strengthening regulatory framework in Italy
In this context, the Bank of Italy is stepping up its efforts to strengthen its control over the cryptocurrency sector. In particular, the institution requires digital asset providers to have clear risk management strategies, a reliable IT infrastructure, as well as mechanisms for monitoring suspicious transactions and enforcing sanctioning regimes.
Panetta also called for international coordination, particularly within the G20 and the IMF, to reduce the scope for regulatory arbitrage between jurisdictions. In his view, globally coordinated policies can prevent the loss of trust in financial institutions and ensure a stable development of digital innovation.
Balancing innovation and security
Italy has demonstrated a balanced and proactive approach to regulating the crypto economy. The desire to strike a balance between financial innovation and user protection places it among the EU's leading countries in policy on cryptocurrencies. Against a backdrop of rapid change and increasing risks, this approach is particularly relevant.
The Italian authorities recognise that blockchain technologies, tokenization and decentralised finance (DeFi) offer enormous potential to transform global finance. However, they also understand that without proper supervision these innovations can generate instability, fraud and systemic vulnerabilities. By promoting responsible innovation, Italy aims to attract trustworthy players to its market, while minimising exposure to speculative and high-risk ventures. This dual focus allows the country's financial system to remain resilient and ready for the future, supporting both growth and consumer protection.
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