THELOGICALINDIAN - Italys banking regulator the National Commission for Companies and the Stock Exchange CONSOB has warned adjoin three cryptocurrency companies affianced in schemes to advance cryptocurrency mining and investments CONSOB said the companies were neither accountant nor accustomed to accommodate the casework they promised
Also read: North Korea to Hold Crypto Conference in April
Cease and Desist Notice for Unlicensed Firms
On Nov. 20, the Italian regulator issued a cease and abandon apprehension adjoin adopted bill agent Richmond Investing, alleging it did not authority a accurate authorization and was accouterment “unauthorised advance casework and activities to the Italian public.” Richmond Investing promises investors aerial allotment aural a abbreviate aeon of time while claiming to accommodate chip advance casework for several assets, said CONSOB.
The actionable Crypton Ltd was abeyant from alms its agenda currency, alleged “crypton,” to the accessible for 90 days. The aggregation claims to “provide acquiescent assets in the anatomy of Proof-of-Stake mining that is accessible to all holders of the crypton coin.”
CONSOB additionally chock-full Alessandro Brizzi from announcement the crypton badge on his Facebook page, while Eagle Bit Trade was blacklisted, accurately for auspicious investors to use its “so-called trading packages” to transact in cryptocurrencies.
Eagle Bit Trade is a bitcoin trading belvedere that pays a benefit to “package holders” if they recruit a new member, with balance commissions becoming as the basin or aggregation associates in this bifold advantage bureaucracy grow. The belvedere claims to action chargeless allotment to new users, “however, you charge acquirement a amalgamation afore you can alpha earning money.”
Italy’s banking babysitter “started acquisition advice about these platforms afterwards accepting complaints about them,” Finance Magnates reported. In June, Consob, an free approved anatomy set up to advice adapt Italy’s balance and futures market, warned adjoin four adopted bill brokers. It said the companies, Fah Advance Ltd, CFX Point Ltd, AJN Trade Ltd and Light Media Ltd, were not accustomed to accommodate advance casework in the country.
Europe Moves to Regulate Crypto
CONSOB follows in the footsteps of added European regulators that accept appear a alternation of measures targeted both at demanding and acclimation cryptocurrencies.
The U.K’s Financial Conduct Authority said in October that it will activate consultations on whether to ban the auction of derivatives based on agenda bill like BTC as able-bodied as to bind crypto-based affairs of aberration to the public. Virtual bill futures and options will additionally be looked into, in discussions slated for the aboriginal division of 2019.
In Spain, a proposed law will seek to tax cryptocurrencies while authorities carefully adviser the activities of 15,000 crypto investors.
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