Italy’s financial regulator is yet again in our crypto news for issuing another cease and desist order to a crypto-related project for allegedly providing unauthorized investment services.
The Italian National Commission for Companies was founded in 1974 and it’s a government agency that is responsible for regulation of the securities market in Italy.
The company that was prohibited from operating by the CONSOB, Avacrypto, has allegedly been offering services to the people in Italy without the required authorization and without authorizing the website as well. The website is not accessible at the moment.
Earlier this month, the CONSOB already suspended two other projects for about 90 days for offering fraudulent crypto investment schemes. Both companies that got suspended BitSurge Token and Green Energy Certificates are scam projects that were created by Avalon Life which is a company based outside of the European Union.
Despite regulation not being established in Italy, the country’s Treasury Department of the Ministry of Economy and Finance is currently working on a decree that aims to classify the use of cryptocurrency in the country. The decree will likely define how the service providers related to cryptocurrency can report their activities to the Ministry.
Bringing this legislation will avoid unlawful activities associated with digital currencies especially with money laundering. The definition ‘’virtual currency’’ in the decree is explained as: ‘’digital representation of value, not issued by a central bank or public authority, not necessarily related to a fiat currency, used as a tool of exchange for purchasing goods or services and electronically transferred, stored and traded.’’
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