The governor of the Bank of Italy, Fabio Panetta, said the central bank would publish guidelines "in the coming days" on how to apply the European Union's upcoming cryptocurrency rules. According to Panetta's speech to the Italian Banking Association, the guidelines will "aim to promote the effective application" of the European Union's Crypto Asset Market Regulation (MiCA) and "protect" some cryptocurrency holders. The MiCA outlines two broad categories of tokens, asset reference tokens (ARTs) and electronic money tokens (EMTs), that meet the requirements for use in payments. However, he pointed out that the Bank of Italy found that only EMTs could "fully function as a means of payment while maintaining public trust."