I am unfamiliar with rules regarding traffic-worthiness of a bicycle, but in germany, your bike requires certain equipment to be fitted to the bike - reflectors on the spokes, front and rear light at night, etc. Additionally, you’re not allowed to drive in the wrong direction, unless specifically allowed to with a street sign (one-way-streets often allow for ciclysts to drive against the direction)

Basically the same rules we have in Italy except the wrong direction one, which state basically that cyclists can go the wrong direction if the road is wide enough. No specification about the enough part btw.

If those rules do exist in a similar fashion already: cyclists are apparently not following those rules, adding another rule for high-viz-gear is most likely not going to be followed either. Maybe consider enforcing the existing rules before adding another rule.

Agree here. But I still think that a high viz jacket is better than the small light and reflector you use on a bicycles, expecially in low light conditions