Italy opens in depth review of crypto risks and retail exposure

The work will be coordinated by the Macroprudential Policy Committee, which brings together the Bank of Italy, the insurance and pensions supervisors, and the Ministry of Economy and Finance. Authorities said the exercise will examine both direct holdings by households and indirect exposures through funds, structured products and service providers, with a focus on custody, disclosures, conflicts of interest and anti‑money‑laundering controls.

Officials cited rising interconnections between crypto markets and traditional finance, as well as uneven rules across jurisdictions, as reasons for the review. The scope includes how global stablecoin activity, tokenised instruments and offshore venues could transmit market stress into domestic institutions, and whether existing oversight covers these channels adequately.

The announcement follows earlier communications from the Bank of Italy that flagged financial‑stability risks if crypto becomes more closely integrated with banks, brokers and payment networks. Supervisors have also pointed to governance and operational risk where key activities rely on a small number of foreign technology and cloud providers.

In the European Union, the Markets in Crypto‑Assets (MiCA) framework is moving into full application, extending licensing, capital, conduct and disclosure requirements to issuers and service providers. Italian authorities said their work will complement EU rules by mapping local exposures, identifying data gaps and recommending additional safeguards where needed.

As part of the exercise, agencies will review reporting from intermediaries, retail product documentation and risk‑management practices at firms that facilitate crypto trading, staking, lending, or token issuance. The committee will also assess the adequacy of consumer‑protection measures, including complaints processes, marketing standards and the clarity of redemption and pricing terms for fiat‑referenced tokens.

Next steps include collecting input from industry and consumer groups, compiling a baseline of household exposures, and identifying any supervisory actions required to close gaps. Authorities said conclusions and any proposed measures will be published following the committee’s review, with timelines to be set after the initial data‑gathering phase.

As GNcrypto reported earlier on Dec. 2, 2025, Poland’s president Karol Nawrocki vetoed the Crypto‑Asset Market Act, arguing it overregulated the sector and threatened civil and property rights, including via website‑blocking powers and high supervisory fees. Finance officials warned the veto could fuel disorder for retail clients, while the president’s office said Poland should avoid complex national rules and align with EU‑wide MiCA standards set to be fully in force by July 1, 2026.