Italy’s stock market regulator said Monday the unregulated spread of cryptocurrencies is a cause for concern, according to a report.
“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.