The Commissione Nazionale per le Società e la Borsa (Consob), Italy's financial market regulator, has exercised its new powers under the Markets in Crypto-Assets Regulation (MiCAR) to block a token offering, black out six websites, and issue warnings about scams. This was announced in a press release on February 21, 2025.
According to Consob, the regulatory body used its MiCA powers to block Intelligenza-AI, a website offering a token without submitting the required white paper. The commission had previously shut down other unauthorized crypto service providers. Additionally, Consob issued a warning about "scams squared," where fraudsters pose as lawyers—sometimes misusing Consob’s name and logo—to deceive past scam victims into paying fees for fake debt recovery services that never materialize.
Continuing its crackdown on unlicensed financial activities, Consob blacked out six websites offering unauthorized services: Revolutfx, Macan Holdings Ltd, Emeraltrade, ITradinFX, TSAFGroup, and Intelligenza-AI. Since 2019, Consob has shut down 1,232 fraudulent websites. The commission urges investors to verify financial service providers and consult the "Watch for Scams!" section on its website for fraud prevention tips.
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, and includes provisions on governance, disclosure, and preventing market abuse with oversight by EU authorities like the European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA).
Consob is 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. Consob ensures that investors have access to accurate information for informed investment decisions while promoting the efficiency of financial trading.