The regulatory authority for securities in Italy has taken down a few platforms for violations committed. Per a news report from Finance Magnates, the regulator has shut down a total of eight websites, two of which are cryptocurrency platforms.
Italy’s Commissione Nazionale per le Società e la Borsa (CONSOB) has said that these platforms were running trades illegally because they did not obtain the required licenses to operate. CONSOB made an official request to all internet service providers (ISPs) in Italy to have all of these sites blocked.
CONSOB’s decision is in line with Italy’s Decreto Crescita law, a law that gives CONSOB the authority required to put its foot down on any access to traders and brokers operating online.
In the last few months, CONSOB has clamped down on almost 150 different sites, deeming all of them as illegal as they did not get the right license or documentation. The regulator has also said that the decision is appropriate according to the Consolidated Law on Finance (TUF) and article 86 of the Mifid 2.
Regardless of the hammer from Italian authorities, Italy still has a budding crypto community. According to research published late last year, Italians prefer to make online payments using Bitcoin than via other platforms such as Visa or Mastercard.