Italy bans project related to cryptocurrencies
Italian National Commission for Companies and the Stock Exchange ordered the suspension of the start of operations of a project related to crypto currencies
The investment company Avacrypto was suspended by the Italian National Commission for Companies and the Stock Exchange for offering its services to the Italian public without the necessary authorization. The prohibition includes activities through its website www.avacrypto.com.
The Italian financial regulator Commissione Nazionale per le Società e la Borsa (Consob in Italian) issued an official statement through its Internet portal, www.consob.it, where it details the legal causes of the ban on operations in the Italian stock market.
The European country does not yet have a well-defined regulatory framework on cryptocurrencies and the services associated with these assets. This has not prevented the advances of the Treasury Department of the local Ministry of Economy and Finance towards “classifying the use of cryptocurrencies in the country, as well as defining how and when the ‘service providers related to the use of the digital currency‘ shall render accounts of their activities to the Ministry.”
Avacrypto is not the only crypto project suspended in Italy, since at the beginning of this month the Consob banned for 90 days the services of Bitsurge Token and Green Energy Certificates for allegedly offering fraudulent plans for investment in digital currency.
M.Pino
Source: Coincrispy
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