At the Roma Tre – UNIDROIT Centre, the Bank of Italy’s Sergio Nicoletti Altimari warned that crypto regulation is diverging, threatening stability and market integrity.
How is crypto regulation diverging across jurisdictions?
Speaking at the second Annual Conference of the Roma Tre – UNIDROIT Centre, the Deputy Director General said “the rapid growth of crypto-assets clearly illustrates the tensions” when innovation outpaces rules. However, he noted clear contrasts between MiCAR and the Genius Act, while “other jurisdictions are moving in still different directions.”
On stablecoins, he highlighted “significant differences in the regulatory approach” between Europe’s Regulation (EU) 2023/1114 and the U.S. measure “recently adopted in the United States.” Moreover, he cautioned that in an interconnected market, such divergence complicates cross border crypto rules and global crypto regulation.
He added that fragmented responses “risk undermining both stability and confidence.” That said, he stressed that “in a highly interconnected world, this lack of alignment is clearly suboptimal and can generate serious problems.” For context on the U.S. bill, see Congress’s overview of S. 1582.
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What risks arise from fragmented responses?
Altimari warned that “if developed outside of robust regulatory frameworks, such instruments can pose risks to financial stability and undermine market integrity.” However, these crypto market integrity risks extend beyond stablecoins, affecting crypto exchange regulation and cross-border enforcement.
He placed the issue within wider regulatory and geopolitical fragmentation, noting Europe is “particularly exposed.” Moreover, the region’s deep integration in financial and production networks amplifies spillovers from uneven frameworks and weakens regulatory harmonization strategies.
Can soft harmonization and transnational law bridge the gap?
Going deeper, Altimari pointed to the value of strengthening instruments that promote a “transnational” private and commercial law. According to the Deputy Director General, these tools can “support market efficiency and strengthen the broader architecture of financial stability” by fostering convergence and shared standards in transnational commercial law.
“In a context where formal harmonization appears more complex,” he said, “soft harmonization can play a valuable complementary role.” Moreover, he reiterated the need to “support international cooperation, defend openness and legal certainty.” For background on the forum, see the Centre’s annual conference.
Altimari’s message is clear: align stablecoin regulatory differences and bolster international cooperation finance to reduce Europe financial fragmentation. In this context, consistent global rules and dialogue can steady markets and enhance trust. Ultimately, coordinated action remains essential for effective crypto regulation.
