Italian Authority Bans Unauthorized Crypto Firms

Nishanth Shetty

November 21, 2018 3:26 pm

Crypto Regulations

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Italian authorities are issuing strict rules against cryptocurrency companies. Recently, the Commissione Nazionale per le Società e la Borsa (CONSOB) ordered a ban on three cryptocurrency related firms that provide unauthorized investment services.

The first company is named Richmond Investing has been violated by the Consolidated Law on Finance (TUF). TUF is a fundamental law governing Italian financial markets.

According to the report, the Italian Securities Market Regulator has banned two other companies including Crypton Ltd. and Eagle Bit Trade. It has also stopped Alessandro Brizzi representing Cryptoforce Ltd., from providing services for 90 days.

The press release included that CryptoForce, a company specializing in Proof-of-Stake (PoS) mining, promoted a digital currency named “Crypton.” Brizzi was advertising CryptoForce on Facebook and

Eagle Bit Trade was offering unauthorized “trading packages” to Italian investors.

In March, the Italian Ministry of Economics announced the creation of a decree which would categorize the use of cryptocurrencies in the country. The decree will also mention a number of service providers related to cryptocurrencies.

Thai minister also recently called for more regulations on cryptocurrencies. The deputy prime minister Mr. Wissanu Krea-ngam said that experts shouldn’t be satisfied with current security protocols so as not to shuffle behind criminals that would use digital currencies for funding terrorism or money laundering. Krea-ngam also added that the anonymous nature of some cryptocurrencies poses the security challenges.

Mr. Krea-ngam said:

“The laws need to be amended in the future so that we can better keep up with technological changes.”

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