Italy's Companies and Exchange Commission President Paolo Savona is urging the government for clear regulation as the lack of it can damage the way the market operates, he said.

Like other officials, Savona is also calling for more regulation, arguing cryptocurrencies could facilitate illegal activity such as tax evasion, money laundering, and the financing of terrorism.

Additionally, the technology behind them prevents private and public entities from properly tracking and surveilling the markets. The head of Italy’s stock market regulator said on Monday as he presented the watchdog’s yearly report,

“Without proper oversight, there could be a worsening in market transparency, the basis of legality and rational choice for (market) operators.”

He further noted there were some 4,000-5,000 cryptos in circulation without any form of real regulation. And the push to introduce technological innovation led to a minimization of the effects that a lack of clear rules on the exchange can cause as such leading to the “intertwining of traditional and virtual assets,” which could induce liabilities towards daily savings.

“If we add to this Consob’s recent own experience in closing down in Italy hundreds of websites illegally gathering savings, the picture that emerges is worrying.”

According to Savona, cryptocurrencies could even undermine central banks’ ability to conduct monetary policy.

“If it takes too long at a European level to come up with a solution, (Italy) will have to take its own measures.”

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