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On Friday, the President of Consob, Paolo Savona, lashed out against the new European crypto regulation, namely the so-called MiCA (Market in Crypto Asset).  He did it during his speech at the Festival dell’Economia di Trento, and his words were then recorded and published on the agency’s official LinkedIn profile. Paolo Savona against MiCA and cryptocurrencies Paolo Savona has declared that he considers the legitimization of cryptocurrencies a fatal risk. The fact is that the MiCA, which all EU countries must comply with, effectively legitimizes the crypto markets, even if this does not mean that it legitimizes all criptovalute in themselves. However, Savona went even further, stating that he finds himself in a situation of conscientious objection, given that as the president of Consob, he is directly involved in the application of MiCA.  He added:  “I do not want to put my seal on the legitimization of cryptocurrencies.” Subsequently, he also subtly hinted at the possibility of resigning as president of Consob, because he expressly stated that he is willing to accept the consequences that arise from this objection of conscience, given that as a citizen he is now required to know the validity of MiCA.  The resignation of Paolo Savona as President of Consob Obviously, however, the resignations were not submitted.  Given that there is no alternative to the full and precise reception of the MiCA in Italy, at this point according to his words he should resign, or wait to be replaced, but in the event that the government decides not to replace him, the only alternative would be resignation.  In fact, the deputy of Fratelli d’Italia Marcello Coppo later commented on his X profile on these statements saying that Savona has exaggerated, because he wants to impose his opinion at the expense of the laws and democracy.…

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Filed under: News - @ May 26, 2025 12:25 pm