Italian Securities Watchdog Orders Unauthorized Crypto Companies

Italian Commissioner Nazionale has recently announced that it has ordered three types of crypto-related industries offering illegal speculation facilities to shut down the operations, the news published on 19the November 2019. The first firm, a trading policy named as Richmond Investing, has supposedly dishonored the Associated Law on Finance (TUF) an important law leading Italian financial markets by deteriorating to record as a monetary intermediate in the nation.

The Italian securities market regulator has also removed the actions of many other firms like Crypton Ltd. As well as Eagle Bit Trade, it also has done with separate Alessandro Brizzi demonstrating Cryptoforce Ltd., for more than three months. As per the report published in a news channel, CryptoForce, a firm specifying in Proof-of-Stake (PoS) removal, encouraged a crypto trading called “Crypton.” Brizzi was advertising CryptoForce on Facebook, while Eagle Bit Trade took illegal “trading packages” to investors of Italy.

The CONSOB implementation stroke came among the recent calls to constrict crypto regulation in the European Nations. In September 2018, Brussels-based think tank Bruegel named as E.U. ministers for additional inspection on how digital currencies dispersed to the depositors.

German financial regulator BaFin in November 2018 had the well-ordered incomplete termination of actions by U.K.-based cryptocurrency-related company Finatex Ltd. The corporation was well-arranged to close trading related activities that were not accepted by German financial legislation, counting the German Banking Act.

Though Italy does not have an official outline for cryptocurrency business, in March 2018, it was publicized by the Italian Ministry of Economics that the formation of a ruling that will categorize the use of crypto trading in the nation and list facility workers linked to digital currencies.

As per the news published in Finance Magnates, the government of Italy has not forbidden financial organizations from selling cryptocurrencies. Nevertheless, it has somewhat suggested that they wait till the official guidelines announced.