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The Italian financial regulatory authority has blocked a project related to the cryptocurrency from the operations for the provision of allegedly unauthorized investment services, according to an official statement published on December 14th.
Founded in 1974, the Italian National Commission for Companies and the Stock Exchange – or the National Commission for Companies and the Stock Exchange (CONSOB) – is the Italian governmental authority responsible for regulating the Italian securities market.
The company banned by CONSOB, Avacrypto, would have offered its services to the Italian public without the necessary authorization, including operation through the website www.avacrypto.com. At the time of printing, the Avacrypto website is not accessible.
In early December, CONSOB suspended another two projects for a period of 90 days for alleged fraudulent cryptocurrency investment plans. Both companies suspended by CONSOB – Bitsurge Token and Green Energy Certificates – are allegedly fraudulent of Avalon Life, a company that is not based in the European Union (EU).
While there is no established regulation on digital currencies in Italy, the Treasury Department of the country of the Ministry of Economics and Finance has worked on a decree in the spring which aims to classify the use of crypts in the country . The decree was specifically set up to define how and when "service providers related to the use of digital currency" should report their activities to the Ministry.
The legislation aims to avoid any illegal activity associated with cryptocurrencies, in particular money laundering. However, compliance with anti-money laundering laws (AML) when acting with cryptocurrencies at a professional level had already been clarified on 25 May 2017, in the legislative decree № 90.
The definition of "virtual currency" is explained in the decree as: "digital representation of value, not issued by a central bank or by a public authority, not necessarily related to a fiat currency, used as an exchange tool for the 39; purchase of goods or services, electronically transferred, stored and exchanged ".
Subsequently, in June, Fabio Panetta, deputy governor of the Bank of Italy, shared his views on the digital currencies of the central bank.
Panetta said that a potential potential justification for their release was to reduce the costs of producing, transporting and disposing of cash. He also considered their advantages as "at most unclear" compared to existing digital payment mechanisms offered by the private sector.
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