Operators know they can rely on the active support of the Bank of Italy, using the now well-known tools (the Fintech Channel and Milano Hub, together with our collaboration with the Italian Ministry of Economy and Finance and the other authorities in the regulatory sandbox), as well as the whole range of supervisory and regulatory activities. 38.
The limits of decentralization: when should regulation step in? If the goal is to use them as stablecoins, clearly, that is banking. Because then, you are taking money-taking deposits and guaranteeing deposits to support the currency. Therefore, you should be treated like a bank and regulated like one.