Italian regulators have begun building a new regulatory environment to adapt to European Union regulations on cryptocurrencies, Bank of Italy Governor Ignazio Visco said in a speech on Saturday.

Visco spoke about the importance of regulating cryptocurrencies in a speech in Milan on the global economic situation, outlining initiatives being implemented globally, in Europe and in Italy. He said that because the crypto industry has weak links with traditional finance, last year's market crash did not have any "systemic consequences" for the "real economy."

He added that a survey by the Bank of Italy showed that, on average, only 2% of Italian households hold "small amounts" of cryptocurrencies, and that Italian intermediaries have very limited exposure to the crypto market. (CoinDesk)