{"id":8304,"date":"2021-06-16T02:54:19","date_gmt":"2021-06-16T02:54:19","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/italys-financial-watchdog-raises-concerns-over-unregulated-cryptocurrency-market\/"},"modified":"2021-06-16T02:54:19","modified_gmt":"2021-06-16T02:54:19","slug":"italys-financial-watchdog-raises-concerns-over-unregulated-cryptocurrency-market","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/italys-financial-watchdog-raises-concerns-over-unregulated-cryptocurrency-market\/","title":{"rendered":"Italy\u2019s Financial Watchdog Raises Concerns Over Unregulated Cryptocurrency Market"},"content":{"rendered":"<p><strong>The chairman of Italy\u2019s financial regulator has raised concerns over the cryptocurrency market without proper regulation. \u201cWithout proper oversight there could be a worsening in market transparency, the basis of legality and rational choice for (market) operators,\u201d he said.<\/strong><\/p>\n<h2>Chairman of Italy\u2019s Securities Regulator Sees Issues With Unregulated Cryptocurrency Market<\/h2>\n<p>The chairman of the Commissione Nazionale per le Societ\u00e0 e la Borsa (Consob), Paolo Savona, voiced concerns regarding cryptocurrency Monday. Consob is the government authority of Italy responsible for regulating the Italian securities market. He said as he presented the watchdog\u2019s yearly report:<\/p>\n<p>Without proper oversight there could be a worsening in market transparency, the basis of legality and rational choice for (market) operators.<\/p>\n<p>The Consob chairman noted that there are some 4,000-5,000 cryptocurrencies in circulation without any form of real regulation.<\/p>\n<p>He further opined, \u201cIf we add to this Consob\u2019s recent own experience in closing down in Italy hundreds of websites illegally gathering savings, the picture that emerges is worrying,\u201d elaborating:<\/p>\n<p>If it takes too long at a European level to come up with a solution, (Italy) will have to take its own measures.<\/p>\n<p><!-- growjs zone placement 31 -->    <!-- end of growjs zone placement --> <\/p>\n<p>Savona also warned that cryptocurrencies could be used in criminal activities, such as tax evasion, money laundering, funding terrorism, and kidnapping.<\/p>\n<p>A number of lawmakers worldwide have voiced similar concerns as Savona, including the president of the European Central Bank (ECB), Christine Lagarde, who previously said cryptocurrencies were largely used in <a href=\"https:\/\/news.bitcoin.com\/ecb-christine-lagarde-global-bitcoin-regulation-btc\/\">illicit activities<\/a>, particularly money laundering.<\/p>\n<p><em><strong>What do you think about the comments by the Consob chairman? Let us know in the comments section below.<\/strong><\/em><\/p>\n<p>Bitcoin News<br \/>\nRegulation, Bitcoin regulation, CONSOB, Crypto regulation, Cryptocurrency regulation, financial watchdog, Italian, italian regulator, Italy, securities regulator<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The chairman of Italy\u2019s financial regulator has raised concerns over the cryptocurrency market without proper regulation. \u201cWithout proper oversight there could be a worsening in market transparency, the basis of legality and rational choice for (market) operators,\u201d he said. Chairman of Italy\u2019s Securities Regulator Sees Issues With Unregulated Cryptocurrency Market The chairman of the Commissione&hellip;<\/p>\n","protected":false},"author":0,"featured_media":8305,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-8304","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/8304"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=8304"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/8304\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/8305"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=8304"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=8304"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=8304"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}