Bank of Italy Will Publish Crypto Guidelines in a Few Days

The central bank of Italy will release in the coming days guidelines on how to implement the new European Union regulations regarding cryptocurrencies, according to Fabio Panetta, the Governor of the Bank of Italy.

Panetta stated during a speech to the Italian Banking Association on July 9 that the guidelines are intended to help ensure the effective application of the EU’s Markets in Crypto-Assets Regulation (MiCA) and to protect holders of certain cryptocurrencies.

According to Panetta, MiCA defines two main types of tokens – asset-reference tokens (ARTs) and electronic money tokens (EMTs) – that meet the criteria to be used for payments.

However, he mentioned that through their research, the Bank of Italy has determined that only EMTs have the ability to function as a means of payment while maintaining public trust.