The Commissione Nazionale per le Società e la Borsa (Consob) has announced the blackout of four new websites involved in the unauthorized offering of financial services or crypto-activities under the Markets in Crypto-Assets Regulation (MiCAR).
According to Consob, the Italian financial authority has exercised its powers under MiCAR to block several cryptocurrency service websites operating without the required authorization. The targeted websites include “Egplus.vip,” “Egalite.bond,” “Arbismart UAB,” and “Blockbyteq.” This action adds to a growing list of fraudulent platforms, with the total number of blacked-out sites reaching 1,304 since 2019. These blackouts are being implemented by internet service providers in Italy, though it may take a few days for the blocks to be fully effective.
Consob advises investors to exercise diligence when selecting investment platforms. It encourages verifying that operators are authorized and ensuring the availability of necessary documentation, such as a prospectus or white paper, before making investments.
According to the European Union, MiCA establishes uniform rules for crypto-asset issuers and service providers not covered by existing EU laws. It aims to ensure transparency, consumer protection, and market stability, with specific obligations for different types of crypto-assets, including e-money and asset-referenced tokens. The regulation will be effective from December 30, 2024, and includes provisions on governance, disclosure, and preventing market abuse. Oversight will be conducted by EU authorities like the European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA).
The Commissione Nazionale per le Società e la Borsa is Italy’s financial market regulator responsible for ensuring transparency and proper conduct among financial operators. Its role is to protect the integrity of the financial system and safeguard investors by monitoring compliance with financial regulations, preventing misconduct, and taking necessary actions. Consob ensures that investors have access to accurate information for informed investment decisions while promoting efficient financial trading.
