By Nina Kikava - News - 3 weeks ago

Italian Regulators Closing Unauthorized Cryptocurrency Company

According to an official statement, published on December 14, cryptocurrency related project is about to be closed due to unauthorized investment services. Italian financial regulator made this decision and also made a statement about this matter.

The regulator that decided to cease the actions of cryptocurrency related company is called National Commission for Companies and the Stock Exchange and it was established in 1974, in order to regulate and keep a close eye on the Italian security market.

The reason why Italian regulators decided to close down a cryptocurrency company called Avacrypto, is that the company was offering their services to the customers without authorization. The services were available on their website and at the moment their website is not working either.

This is not the first time when the National Commission for Companies and the Stock Exchange has banned companies due to their actions. For example, the companies that were banned by the regulator in December were offering services to customers that were fraud, both of the companies are scam projects established by the company Avalon Life that is not based in the EU.

At the moment, in Italy, there is no regulation that will define the use of digital assets in the country, but not for long. Treasury Department of the Ministry of Economy is planning on regulation in order to decide how digital assets should be used in the country. All the activities that will be performed by the companies connected to the digital assets should be reported to the ministry, and that is exactly what the new regulation will be about.

That way the government of the country is planning to avoid activities such as fraud, scam, and of course money laundering. The regulation will be established soon and hopefully, the number of scam and fraud companies will decrease.