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.’’
Leader Suspect In Billion Dollar Laundering Via Crypto Is Seeking Extradition To Russia
‘’FinCEN acted in coordination with law enforcement’s seizure of BTC-e and Vinnik’s arrest. The Internal Revenue Service-Criminal Investigation Division, Federal Bureau of Investigation, United States Secret Service, and Homeland Security Investigations conducted the criminal investigation.’’Since he was arrested, Vinnik pleaded innocence and said that his biggest mistake was working for the BTC exchange platform. He is also believed to be involved in the Mt.Gox stolen funds scheme. The FinCEN report shows that via the BTC-e platform, more than $120 million were laundered and were connected with the now defunct platform. Vinnik is asking to be extradited to Russia after the Commissioner for Human Rights, Tatyana Nikolayevna Moskalkova asked for help from the United Nations High Commissioner for Human Rights Michelle Bachelet with the goal to take him to Russia. Tatyana claimed that Vinnik lost nearly 30% of his weight and that he needs to be with his wife who is suffering from brain cancer. In the U.S Vinnik was indicted on 21 counts and in Russia, he is only accused of smaller fraud charges that can be paid for about 10.000 Euros. The Greek court in 2017 approved Vinnik’s extradition to Russia but later another court decided to give him extradition to the United States. Later, the Greek Supreme Court ruled that Vinnik should be extradited to France so a clear decision has not been delivered yet.
Crypto Law Consultation Period Officially Started By The Swiss Federal Council
Mexico: New Crypto Regulations Could Shake The Country’s Exchanges
"If there are no Mexican-based exchanges, Mexicans will inevitably use exchanges based in other jurisdictions. Some of these foreign exchanges may be sensibly regulated by more forward-looking governments, but others may be rogue operations that deliberately evade any regulatory jurisdiction,""The average person has no idea how a car works, and yet people are allowed to drive them," the statement said. Bexico's proposals are subject to a 60-day consultation period during which a lot of things may change. Right now, industry officials and public members should outline their opinions on the case.
The Swiss Federal Assembly Approved A Motion For Crypto Regulation
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