The monetary regulator of Italy has barred a cryptocurrency-related project from operations for the provision of allegedly unauthorized investment services, in step with an official statement reported Dec. 24.

Founded in 1974, the Italian National Commission for firms and also the stock market — or CommissioneNazionale per LE Società e la Borsa (CONSOB) — is that the government authority of Italy answerable for regulation the Italian stock exchange.

The company prohibited by the CONSOB, Avacrypto, allegedly offered its services to the Italian public without the specified authorization, as well as in operation through the web site www.avacrypto.com. At press time, Avacrypto’s web site isn't accessible.

Earlier in Dec, the CONSOB suspended 2 different projects for a 90-day amount for allegedly providing dishonorablecryptocurrency investment schemes. each corporations suspended by the CONSOB — Bitsurge Token and green Energy Certificates — are allegedly scam projects from Avalon Life, a corporation that's not primarily based within the Europe (EU).

While there's no established regulation with regard to digital currencies in Italy, the country’s Department of the Treasury of the Ministry of Economy and Finance had been performing on a decree within the spring that aims to classify the utilization of crypto within the country. The decree was specifically set to outline however and once “service suppliers associated with the utilization of digital currency” ought to report their activities to the Ministry.

The legislation aims to avoid any unlawful activity related to cryptocurrencies, particularly money laundering. However, compliance with Anti-Money lavation (AML) laws once acting with cryptocurrencies on knowledgeable level had already been processed on may 25, 2017, within the Legislative Decree № 90.

The definition of “virtual currency” is explained within the decree as a: “digital illustration valuable, not issued by a central bank or a public authority, not essentially associated with a fiat currency, used as a tool of exchange for getting product or services, and electronically transferred, hold on and listed.”

Later in June, Fabio Panetta, deputy governor of the Bank of Italy, shared his views regarding central bank digital currencies.

Panetta expressed that a key potential justification for their issuing was to scale back prices within the production, transportation and disposal of money. He additionally thought-about their benefits as “at best unclear” when put next with the present digital payment mechanisms offered by the non-public sector.

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