Italy’s Consob Blocks More Forex and Crypto Trading Sites

Italy Plans to Tax Crypto Trading Gains Expand Disclosure

Italy’s Securities Regulator, Consob, has recently supplemented its list of websites prohibited from trading with a new measure to protect Italian investors. This measure excludes illegal platforms from Italy which offer trade products such as forex and CFDs. The current wave of action revealed some domains Luno Invest, Vantage Global Limited, and Capital4it Ltd, among others.

The regulatory agency has been very active in trying to stop unapproved online trading services from functioning. As part of the “Decreto Crescita” law, Consob has the power to order Italian ISPs to block any access to these websites that operate illegally. Since then, a few domains have been blocked to secure local traders from fraud and permissible financial activities.

The move causes old fears for investments of crypto assets and contracts for differences like CFD to emerge. This statement is part of a broader action aligned with regulations that demand respect for local norms ignited in the financial community in Italy. 

In March of this year, the Italian Competition Authority fined the brokerage firm eToro €1.3 million for deceptive advertisement marking the country’s efforts to combat transparency and unfair trading arrangements.

Also read: Crypto Gains Ground in Italy Amid Crisis

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