Italy's financial watchdog worries about unregulated cryptocurrency market

The head of Italy's financial regulator has expressed concerns about the cryptocurrency market's lack of proper regulation. “Without proper oversight, there will be a deterioration in market transparency, which is the basis of legality and rational choice for (market) operators,” he said. Head of Italian Securities Regulator Sees Problems with the Unregulated Cryptocurrency Market Commission Paolo Savona, head of the Nazionale per le Società e la Exchange (Consob), expressed his concerns about cryptocurrency on Monday. Consob is the Italian government agency responsible for regulating the Italian securities market. At the presentation of Watchdog's annual report, he said: Without proper oversight, there could be deterioration in market transparency, which is the basis of legality and rational choice for (market) operators. The head of Consob noted that there are about 4,000-5,000 cryptocurrencies in circulation without any real regulation. “Adding this to Consob's recent experience of shutting down hundreds of websites that illegally collect savings in Italy, the picture is disturbing,” he continued: If it takes too long to reach a European-level solution (Italy) it will have to take its own measures . Savona also warned that cryptocurrencies could be used in criminal activities such as tax evasion, money laundering, terrorist financing and kidnapping. Several lawmakers around the world, including European Central Bank (ECB) President Christine Lagarde, have expressed similar concerns to Savona, saying previously that cryptocurrencies are largely used for illegal activities, particularly money laundering. What do you think of the Consob president's comments? Let us know in the comments below.

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