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Economics and regulation
The Italian financial authority, the National Commission for Companies and the Stock Exchange (CONSOB), warned against three cryptocurrency companies engaged in programs to promote extraction and investment in cryptocurrency. CONSOB stated that the companies were neither authorized nor authorized to provide the services they had promised.
Read also: North Korea will hold the Crypto conference in April
Notice of termination and cancellation for unauthorized companies
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On November 20, the Italian regulator issued a notice of termination from the foreign currency broker Richmond Investing, claiming that it did not hold a valid license and was providing "services and investment activities not authorized to the Italian public". Richmond Investing promises investors high returns within a short period of time while claiming to provide integrated investment services for multiple assets, CONSOB said.
Crypton Ltd without a license has been suspended from offering the public its digital currency, called "encryption", for 90 days. The company claims to "provide a passive income in the form of Proof of Profit" extraction that is available to all holders of the cripton currency. "
The CONSOB also prevented Alessandro Brizzi from promoting the cryptographic token on his Facebook page, while Eagle Bit Trade was included in the blacklist, in particular to encourage investors to use the so-called "commercial packages" to carry out transactions in cryptocurrencies.
Eagle Bit Trade is a bitcoin trading platform that pays a bonus to "package holders" if they recruit a new member, with the remaining commissions earned while the pool or team members in this binary compensation configuration grow. The platform claims to offer free registration to new users, "however, you need to buy a package before you can start earning money."
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The Italian financial controller "began to gather information on these platforms after receiving complaints about them," said Finance Magnates. In June, Consob, an autonomous statutory body established to help regulate the Italian securities and futures market, warned against four foreign currency brokers. He claimed that the companies, Fah Investment Ltd, CFX Point Ltd, AJN Trade Ltd and Light Media Ltd, were not authorized to provide investment services in the country.
Europe moves to regulate Crypto
CONSOB follows in the footsteps of other European regulators who have announced a series of measures aimed at both taxing and regulating cryptocurrencies.
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The U.K Financial Conduct Authority announced in October that consultations will begin on the opportunity to prohibit the sale of derivatives based on digital currencies such as the BTC and to restrict encryption contracts to the public. Futures and options on virtual currencies will also be examined in the discussions scheduled for the first quarter of 2019.
In Spain, a proposed law will try to tax cryptocurrencies while the authorities will closely monitor the activities of 15,000 crypto investors.
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