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Italy Flexes Regulatory Muscle with Non-Compliant Crypto Exchanges

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Italy Flexes Regulatory Muscle with Non-Compliant Crypto Exchanges

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Italian regulators, the Commissione Nazionale per le Società e la Borsa (CONSOB), is tightening its grip on cryptocurrency firms who don’t comply with the commission’s regulations.

Three companies have been cited in a CONSOB statement as receiving suspensions from operating their services, two companies receiving three-month suspensions and one banned from operating for an indefinite period spanning months.

Richmond Investing was the first to come under the regulator’s microscope, principally for failing to meet Italian laws regarding the operation of cryptocurrency online trading platforms. Richmond failed to register to as a mediator offering finance-related services contravening the principal Consolidated Law on Finance (TUF).

Another company, Crypton Limited, was penalized for contravening another law applying to cryptocurrency trading, accused of making inappropriate promotions and advertisements. Crypton was hit with a 3-month operating suspension, as was Eagle Bit Trade for apparently offering wildcat trading packages to Italian investors.

Cease and desist actions are not uncommon as a global repositioning is underway regarding cryptocurrency regulation with most countries now re-examining how they plan to regulate the space for both the protection of the public. Also, there is a growing need to offer greater clarity to exchanges and fintech companies regarding operating protocols across jurisdictions.

Italy is also in this position as it continues to work towards establishing a formal framework for cryptocurrency exchanges to work within, including, like many other nations, addressing digital currency tax laws as they apply to the public.

Italy recently announced that it was about to enter the European Blockchain Partnership, an organization formed to promote blockchain technology between member states.

In doing so, Italy became the 27th nation to sign the agreement since its conception earlier this year in April. The partnership has grown from 22 nations since its launch. Initially, the EU had launched an EU Blockchain Observatory and Forum, subsequently investing more than EUR 80 million in blockchain projects. A further EUR 300 million has been allocated over the next four years.


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