Italy’s financial regulator is yet again in our crypto news for issuing another cease and desist order to a crypto-related project for allegedly providing unauthorized investment services.
The Italian National Commission for Companies was founded in 1974 and it’s a government agency that is responsible for regulation of the securities market in Italy.
The company that was prohibited from operating by the CONSOB, Avacrypto, has allegedly been offering services to the people in Italy without the required authorization and without authorizing the website as well. The website is not accessible at the moment.
Earlier this month, the CONSOB already suspended two other projects for about 90 days for offering fraudulent crypto investment schemes. Both companies that got suspended BitSurge Token and Green Energy Certificates are scam projects that were created by Avalon Life which is a company based outside of the European Union.
Despite regulation not being established in Italy, the country’s Treasury Department of the Ministry of Economy and Finance is currently working on a decree that aims to classify the use of cryptocurrency in the country. The decree will likely define how the service providers related to cryptocurrency can report their activities to the Ministry.
Bringing this legislation will avoid unlawful activities associated with digital currencies especially with money laundering. The definition ‘’virtual currency’’ in the decree is explained as: ‘’digital representation of value, not issued by a central bank or public authority, not necessarily related to a fiat currency, used as a tool of exchange for purchasing goods or services and electronically transferred, stored and traded.’’
Crypto Exchanges In Bulgaria Are Investigated: Government Asks For 10% On Profits
Accounts Of The First Digital Bank In India Closed After Involving In Crypto-Related Activity
“I've been a user of DBS' Digibank for a year. Although I regularly used Kotak Mahindra Bank for my cryptocurrency transactions, I used Digibank only 7 times throughout the year. On January 14th, I received multiple messages from my twitter [sic] followers regarding an account closure notice by Digibank. I checked my mailbox and found the mail myself.”However, Digibank stated:
“Reserve Bank of India through their public notices have warned/advised the public regarding risks associated with virtual currencies. We reiterated the same vide our emails dated 4th May 2018 and 2nd Aug 2019, cautioning our account holders [against] the risks associated [...] and that DBS accounts and debit cards should not be used for their purchase or any kind of dealings.”Many other users responded to the allegations that not only Digibank but many other banks are doing the same as well.
BitMex Pulls The Plug On Trading Accounts In Quebec And The US
‘’The development comes at the same time as the Hong Kong-based company notifying users in North Korea, Iran, Syria, Cuba, Sudan and Sevastopol in the Crimea since the fourth quarter of 2018 against holding positions or trading on BitMEX, as these are restricted jurisdictions.’’It seems like BitMex only wants to cover its back and provide protection for their users against regulatory crackdowns. However, the exchange decided to pull the plug on the trading accounts after the Canadian regulatory body has announced the BitMex is operating illegally in Canada:
‘’BitMEX is not registered with the AMF and is therefore not authorized to have activities in the province of Quebec. We informed this company that its activities were illegal.’’There is still no explanation why the exchange decided to shut down the trading accounts in the US. Many believe that the exchange does so because of the same strict crypto regulations. We are still expecting a comment from BitMex since it seems like there is almost a billion dollars worth of crypto still on the platform.
The Revenue Agency Of Bulgaria Will Investigate Crypto-Selling Companies
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