CONSOB Continues Effort to Stamp Out Unregulated Crypto Firms

Italy’s securities regulator on Monday has warned against yet another list of firms that were found engaging in "unlawful" and "misleading" marketing practices with regard to the promotion of several financial products.

La Commissione nazionale per le società e la Borsa (CONSOB) has updated its blacklist with new FX and binary options brands including procapitalfx, 360smartfx, and Finance Option, among many others.

The updated list includes the following domains:

https://procapitalfx.com; https://it.probtctrade.com; https://it.btcglobefx.com; https://firstfxclub.com; https://it.protradefx.com; https://it.smartbtcfx.com; https://capitalfxclub.com; https://it.capitalbtcfx.com; https://cryptoclubfx.com; https://gamebtcfx.com; https://it.360smartfx.com esmartprofx.com - Finance option by Antonio Vaccaro (optionfinanza.com) - revolutionalatuavitadesso.it - https://it-it.facebook.com/rivoluzionalatuavita -

https://procapitalfx.com ; https://it.probtctrade.com ; https://it.btcglobefx.com ; https://firstfxclub.com ; https://it.protradefx.com ; https://it.smartbtcfx.com ; https://capitalfxclub.com ; https://it.capitalbtcfx.com ; https://cryptoclubfx.com ; https://gamebtcfx.com ; https://it.360smartfx.com and smartprofx.com

Italy Weighs Regulation

The CONSOB warning list also features the names of businesses that are dealing in crypto assets, either in the form of the underlying coins or its related derivatives such as CFDs. The Italian regulator warned that the said brokers offer cryptocurrency trading services without having the proper permissions.

So far, Italy does not have specific legislation governing Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term. The country’s regulators only tried to provide a definition of the virtual assets exclusively for the purpose of AML laws, qualifying virtual currencies as a “digital representation of value not issued by a central bank or a public authority, not necessarily linked to a legal tender currency, used as a medium of exchange for purchases of goods and services, electronically transferred, stored and traded.”

Most recently, however, the finance ministry has completed its consultations on registration and reporting requirements of the blockchain industry. The bill draft requires crypto exchanges to report their activities in full to the authorities, which is an addition to the previous decree issued in May 2017.

Italy is one of several EU countries that have formed a Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term coalition in an attempt to introduce new technologies to boost the economies of those countries. Further, the country has allowed financial institutions to deal in virtual currencies, just that they are advised to wait until formal regulations are announced. Potential complications may arise if Italy’s stance becomes incongruous with that of the broader European Union (EU) or other member states.