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Italian Regulator Says Unsupervised Spread of Crypto Is Cause for Concern: Report
Cryptocurrencies could facilitate illegal activity and undermine central banks' ability to conduct monetary policy, Consob Chairman Paolo Savona said.
Updated Sep 14, 2021, 1:10 p.m. Published Jun 14, 2021, 12:04 p.m.
Italy’s stock market regulator said Monday the unregulated spread of cryptocurrencies is a cause for concern, according to a report.
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- "Without proper oversight, there could be a worsening in market transparency, the basis of legality and rational choice for (market) operators," Consob Chairman Paolo Savona said, according to Reuters.
- Savona warned cryptocurrencies could be a shield for criminal activity such as tax evasion, money laundering and funding terrorism.
- Cryptocurrencies could also undermine central banks' ability to conduct monetary policy, he said.
- There are between 4,000-5,000 unregulated cryptocurrencies in circulation, and Consob has recently closed down hundreds of websites illegally gathering savings in Italy, Savona said.
- "If it takes too long at a European level to come up with a solution, (Italy) will have to take its own measures," he said.
See also: Crypto Monitoring ‘More Effective’ Than Outright Ban, Dutch Finance Minister Says
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What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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