Global Regulatory Scrutiny Intensifies on Crypto and Digital Assets
Global Regulatory Scrutiny Intensifies on Crypto and Digital Assets
Regulatory bodies in Nigeria and Italy are taking steps to increase oversight on the cryptocurrency sector. Nigeria is linking crypto exchanges to tax identification for reporting purposes, while Italy's CONSOB, aligned with ESMA, is cautioning 'finfluencers' that existing EU investment recommendation and advertising rules extend to crypto promotions.
Nigeria Integrates Crypto into Traditional Tax System
Nigeria is implementing a significant tax overhaul that will bring cryptocurrency exchanges under identity-based reporting requirements. This move aims to integrate digital assets more closely into the nation's traditional economy by associating crypto transactions with tax identification numbers, thereby enhancing oversight.
Italy Extends Finfluencer Oversight to Crypto Advertising
In Europe, Italy’s securities regulator, CONSOB, has issued a warning to 'finfluencers' regarding the promotion of cryptocurrencies. Echoing guidance from the European Securities and Markets Authority (ESMA), CONSOB clarified that social media promoters of crypto assets are subject to existing EU rules concerning investment recommendations and advertising, signaling a broader regulatory push to ensure market integrity.