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Crypto

Italy central bank tightens crypto screening to curb sanctions evasion linked to Russia and Iran

The Bank of Italy has told crypto asset service providers to strengthen sanctions screening for customers and transactions to prevent evasion of international financial sanctions. It issued supervisory guidance requiring internal policies, procedures and control systems to implement EU and Italian sanctions and to identify customers and transactions linked to sanctioned persons in crypto transfers. The move seeks compliance with existing EU rules and EBA guidance, amid concerns about Russia- and Iran-linked crypto activity.

Crypto

Bank of Italy says stablecoin remittances show no consistent cost advantage

Researchers at the Bank of Italy assessed that stablecoin-based remittances did not show a consistent advantage over existing remittance channels in cost and speed. Most differences in costs and processing times stemmed from fiat currency conversion and national payment infrastructure, not blockchain fees. Tests of $200 USDC transfers across 10 two-way corridors showed costs ranging from 0.3 percent to nearly 9 percent, with settlement times varying from under 20 minutes to 1 to 2 business days.