Italy’s Macroprudential Policy Committee, led by the Bank of Italy and other financial authorities and initiated by the Ministry of Economy and Finance, has launched an in‑depth review of retail investors’ direct and indirect crypto holdings. The probe aims to assess investor protections as digital‑asset markets exceed $3 trillion and divergent global rules create oversight blind spots. Analysts say the move signals tougher European supervision, could raise compliance costs for firms while offering regulatory certainty and easier EU passporting, and some expect regulatory convergence by 2026.

The Committee (led by the Bank of Italy and other authorities) opened a formal review of retail crypto exposures and investor protections; the summary notes the global market exceeds $3 trillion and fragmented rules create oversight blind spots. Those facts support a cautious/negative sentiment (regulatory scrutiny) and a moderate market impact (higher compliance costs and potential shifts in EU supervision and passporting).