Italian regulator closed eight checkpoints for the exchange and trade of cryptocompany

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The Commission on the Supervision of the Securities Market and the Exchange of Italy (Consob) has closed six sites for the exchange of cryptocurrency and two to trade their derivatives due to the violation of the law.

The regulator referred to the fact that 8 FX sites illegally provide trading services and products, thereby disrupting several regulatory acts at once.

In order to protect investors, the Italian authorities in 2016 adopted the EU resolution that any transaction related to the exchange of cryptocurrencies to Fiat was not taxed. However, the financial results of these operations are subject to taxation (profit or loss). Consob considered that, since the platforms are not followed by the fulfillment of these requirements, their activities are illegal.

The Italian Senate Committee on Corporate Affairs also took up this issue and instructed to create a guide to regulate all finance and IT companies using electronic currency. Since cryptoproders must obey the same rules as traditional operators.

The Basel Committee on Banking Supervision also wants financial institutions to be prudent and with caution to work with virtual assets, so I decided to establish

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