The Commissione Nazionale per le Società e la Borsa (Consob) has announced the first application of the Markets in Crypto-Assets Regulation (MiCAR), blocking ten websites that falsely advertised crypto services. This announcement was made in a press release on February 13, 2025.
On February 12, 2025, Consob, the Italian financial regulatory authority, took action under the new MiCAR regulation by blocking two unauthorized crypto-asset operators: ‘Dobibo’ and ‘Fameexn’. The websites associated with these operators were dobibo.com, dobibo1.com, dobibo2.com, fameexn.top, and fameexn.com. These actions represent Consob’s first use of the MiCAR regulation to address unauthorized crypto-asset operators. According to a press release by Consob, the blocked sites were offering services without proper authorization, violating financial regulations.
Additionally, Consob has continued to take action against financial abuse involving the improper use of prominent names. It blacked out the website ‘Fininvestonline.com’, which had been advertising fraudulent financial services by exploiting the Fininvest/Mediaset brands and the Berlusconi family. Earlier in November 2024, a similar intervention had occurred targeting websites that improperly referenced well-known political and institutional figures.
According to the European Union (EU), 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 became effective on December 30, 2024, including provisions on governance, disclosure, and preventing market abuse with oversight by EU authorities like the European Banking Authority (EBA) and European Securities and Markets Authority (ESMA).
Consob is Italy’s financial market regulator responsible for ensuring transparency and proper conduct among financial operators to protect the integrity of the financial system and safeguard investors. It monitors compliance with financial regulations, prevents misconduct, and takes action when necessary. According to Consob, it ensures that investors have access to accurate information for informed investment decisions while promoting the efficiency of financial trading.
