Consob Blocks ItaIians Access to Richmondfx, Globalfx and Rmt 500
- CONSOB ordered internet service providers (ISPs) to block access to such websites in Italy.
Consob, the Italian securities regulator, ordered the country’s internet access providers (ISPs) to pay close attention to risks stemming from five websites offering financial services without the authorization to do so.
The Commissione Nazionale per la Società e la Borsa (Consob) said the listed firms were found engaging in “unlawful” and “misleading” marketing practices with regard to the promotion of FX and asset management products.
Consob has ordered in particular the black-out of the following websites:
- Redal Ltd, Elit Property Vision Ltd e Richmondfx Ltd (https://richmondfx.com);
- Globalfx Ltd (https://globalfx.org);
- Rmt 500 Ltd (https://rmt500.com);
- Premium Solutions Ltd (https://thepremiumbrokers.com);
- Aj Asset Management (www.ajassetmanagement.com).
The financial watchdog clarified that it made the latest decision under the “Decreto Crescita,’ which allows CONSOB to order internet service providers (ISPs) to block access to such websites in Italy.
Earlier in June, the watchdog decided to follow in the footsteps of ESMA, banning the sale of binary options to retail customers and also extended its restriction against promoting the contracts for difference (CFDs) to non-professional investors.
Cryptos under CONSOB’s scope
The CONSOB warning list also features the names of businesses that are dealing in crypto assets, either in the form of the underlying coins or its related derivatives such as CFDs. The Italian regulator warned that said brokers offer cryptocurrency-focused trading services without having the proper permissions.
So far, Italy does not have specific legislation governing Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term. The country’s regulators only tried to provide a definition of the virtual assets exclusively for the purpose of AML laws, qualifying virtual currencies as a “digital representation of value not issued by a central bank or a public authority, not necessarily linked to a legal tender currency, used as a medium of Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term for purchases of goods and services, electronically transferred, stored and traded.”
Most recently, however, the finance ministry has completed its consultations on registration and reporting requirements of the blockchain industry. The bill draft requires crypto exchanges to report their activities in full to the authorities, which is an addition to the previous decree issued in May 2017.
Consob, the Italian securities regulator, ordered the country’s internet access providers (ISPs) to pay close attention to risks stemming from five websites offering financial services without the authorization to do so.
The Commissione Nazionale per la Società e la Borsa (Consob) said the listed firms were found engaging in “unlawful” and “misleading” marketing practices with regard to the promotion of FX and asset management products.
Consob has ordered in particular the black-out of the following websites:
- Redal Ltd, Elit Property Vision Ltd e Richmondfx Ltd (https://richmondfx.com);
- Globalfx Ltd (https://globalfx.org);
- Rmt 500 Ltd (https://rmt500.com);
- Premium Solutions Ltd (https://thepremiumbrokers.com);
- Aj Asset Management (www.ajassetmanagement.com).
The financial watchdog clarified that it made the latest decision under the “Decreto Crescita,’ which allows CONSOB to order internet service providers (ISPs) to block access to such websites in Italy.
Earlier in June, the watchdog decided to follow in the footsteps of ESMA, banning the sale of binary options to retail customers and also extended its restriction against promoting the contracts for difference (CFDs) to non-professional investors.
Cryptos under CONSOB’s scope
The CONSOB warning list also features the names of businesses that are dealing in crypto assets, either in the form of the underlying coins or its related derivatives such as CFDs. The Italian regulator warned that said brokers offer cryptocurrency-focused trading services without having the proper permissions.
So far, Italy does not have specific legislation governing Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term. The country’s regulators only tried to provide a definition of the virtual assets exclusively for the purpose of AML laws, qualifying virtual currencies as a “digital representation of value not issued by a central bank or a public authority, not necessarily linked to a legal tender currency, used as a medium of Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term for purchases of goods and services, electronically transferred, stored and traded.”
Most recently, however, the finance ministry has completed its consultations on registration and reporting requirements of the blockchain industry. The bill draft requires crypto exchanges to report their activities in full to the authorities, which is an addition to the previous decree issued in May 2017.