Italy’s regulatory body overseeing companies and exchanges has recently taken action to block a number of unauthorized investment websites. The latest orders target several specific sites, including “Monetizeer,” “Liberty Invested Limited,” and “AlfacapitalCFD,” among others.
The commission has the authority to enforce these actions under legislation that allows for the black-out of websites operated by fraudulent financial intermediaries. This regulatory framework was established through a decree intended to foster economic growth, known as the “Decreto crescita,” which was adapted into law in June 2019. Recently, the legal scope has also incorporated provisions from the MiCAR regulation, enabling the blocking of platforms providing cryptocurrency services without proper authorization for residents in Italy.
Since gaining the power to block fraudulent sites in July 2019, the regulatory body has now prohibited over 1,260 websites that posed risks to consumers. This concerted effort aims to protect investors from potential scams and provide a safer financial environment.
The process for implementing the blocking orders involves internet service providers, which may require several days to complete for technical reasons. The ongoing action underscores a commitment to enhancing investor protection and maintaining the integrity of the financial markets in Italy.