The Italian Companies and Exchange Commission has recently ramped up its efforts in regulating the crypto-assets sector, utilizing powers granted under the European Union’s Markets in Crypto-Assets Regulation. In a recent move, the commission took action against a crypto-asset known as “memecoin $CORONA,” which was being marketed to the Italian public through an unnamed website and was not compliant with regulatory requirements.
Last month, the regulator had already directed the blocking of two websites belonging to unauthorized crypto service providers. The current situation involves not just stopping the promotion of $CORONA, but also blocking six additional websites that offered crypto-asset services without the necessary approvals mandated by the MiCAR regulation. The blocked websites include Spazio Finanziario and HTXcoin-az, along with several others, marking a significant crackdown on illegal crypto operations.
Moreover, the commission’s commitment to combating financial abuse has led to further actions, which included blocking additional financial intermediation websites like Capitalgates and AquillaFX. This aggressive approach has resulted in a total of 11 sites being blocked just last week. Since the regulatory authority was empowered in July 2019 to shut down sites of abusive financial intermediaries, the total number of blocked websites has soared to 1,247.
Efforts to enact these blockings are executed in collaboration with internet service providers based in Italy. Due to technical considerations, it may take some time for the blocking measures to go into effect entirely, but the regulatory body is vigilant in its pursuit to protect the public from unauthorized and potentially harmful financial services. The ongoing actions reflect a broader commitment to safeguarding the Italian financial landscape and maintaining regulatory compliance within the evolving cryptocurrency market.