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Monetary Regulators Of Italy Has Banned Another Crypto Related Project From Operations.

In line with a recent official statement ‘published‘, the monetary regulator of Italy has barred a cryptocurrency-related project from operations for the offering of an alleged unauthorized investment services.

Founded earlier in 1974, the Italian National Commission for corporations along with the stock exchange — or Commissione Nazionale per CONSOB [le Società e la Borsa] — is the govt. authority of Italy accountable for regulating the Italian securities market.

The company prohibited by the CONSOB, Avacrypto, allegedly offered its services to the Italian public without any legit authorization, as well as operating through the web-site at www.avacrypto.com. At the reporting time, Avacrypto’s official web-site isn’t accessible.

Earlier this Dec., the CONSOB ‘suspended‘ 2 other projects for a 90-day time period for allegedly providing fallacious cryptocurrency 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 EU [European Union].

While there’s no established regulation with reference to digital currencies in Italy, the country’s Treasury Dept. of the Ministry of Economy and Finance had been functioning on a decree within the spring that aims to classify the employment of crypto within the country. The decree was specifically set to outline how and when “service providers associated with the employment of digital currency” ought to report their activities to the Ministry.

The legislation aims to avoid any unlawful activity related to cryptocurrencies, above all which include Money Laundering. However, compliance with AML [Anti-Money Laundering] laws when acting with cryptocurrencies on professional levels had already been processed on 25th May in 2017, within the Legislative Decree No. 90.

The definition of “virtual currency” is explained within the decree as a: “digital illustration of value, not issued by a financial organisation or a public authority, not essentially associated with a fiat currency, used as a tool of exchange for buying products or services, and electronically transferred, stored 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 issuance was to cut back prices within the production, transportation and disposal of cash. He conjointly thought of their benefits as “at best unclear” in comparison with the present digital payment mechanisms offered by the personal sector.

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