Another 8 Italian Cryptocurrency Websites Closed

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CONSOB blocks another eight websites that offer financial and investment services. One of the services is, for instance, trading in cryptographic assets, currencies and CFD contracts. The regulator claims that the operation of the companies was illegal in Italy and that it has blocked nearly 150 websites of this kind over the past few months.

CONSOB attacks the cryptocurrency and FX market

As Finance Magnates reports, the Commissione Nazionale per le Società e la Borsa (CONSOB) blocked another eight websites that offer financial and investment products and services. The reason was the accusation of violating the EU Directive on Markets in Financial Instruments (MiFID II) and the national TUF Act.

According to the Italian regulator, the companies operated in Italy illegally as they had no licenses required in the country while promoting and enabling trading in cryptographic assets, currencies and CFD contracts.

Regulatory authorities in Italy have been taking similar steps for a few months now, regularly blocking subsequent sites. Almost 150 domains have been blocked by regulators by now and it looks like there will be more. The websites blocked by CONSOB this time include: Trade Com Limited, Cryptobase, GotechFX, Waltika Partners LTD, GAM Group Ltd - MarketsFX and Honest Capital Ltd.

Cryptocurrency regulation in Italy

In an effort to protect investors, the Italian authorities, apart from blocking illegally operating companies, decided to introduce further regulations on cryptocurrencies as well.

The ministerial resolution introduced the decision of the European Court of Justice according to which transactions related to the conversion of cryptographic assets into fiat currency should not be taxed. The profits and losses from these transactions, on the other hand, should be taxed. The Senate commission dealt with legislation, as well, which aims to create guidelines for the regulation of all financial companies, including those operating on the cryptocurrency market.

Giulio Tremonti, a former Minister of Economy and Finance, supports these activities. During the Code4Future conference, he expressed his views on the future of digital payments and the emergence of cryptocurrencies, stating that the opportunities offered by the fintech sector change not only the business logic but also the role of traditional banks.

"Banks may be caught off-guard by fintech activities. An alliance between traditional banks and new digital industries is essential. A structure that incorporates new techniques but maintains old values. t’s the future and you cannot stop it. Having said that, Bitcoin does not have a clear legal status, and this is clearly an obstacle."

- says Tremonti.