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Italy’s financial regulator, the National Commission for Companies and the Stock Exchange (CONSOB), has warned against three cryptocurrency companies engaged in schemes to promote cryptocurrency mining and investments. CONSOB said the companies were neither licensed nor authorized to provide the services they promised. Cease and Desist Notice for Unlicensed Firms Italy's Securities Regulator Warns Against Three Unlicensed Cryptocurrency Companies On Nov. 20, the Italian regulator issued a cease and desist notice against foreign currency broker Richmond Investing, alleging it did not hold a valid license and was providing “unauthorised investment services and activities to the Italian public.” Richmond Investing promises investors high returns within a short period of time while claiming to provide integrated investment services for several assets, said CONSOB. The unlicensed Crypton Ltd was suspended from offering its digital currency, called “crypton,” to the public for 90 days. The company claims to “provide passive income in the form of Proof-of-Stake mining that is available to all holders of the crypton coin.” CONSOB also stopped Alessandro Brizzi from promoting the crypton token on his Facebook page, while Eagle Bit Trade was blacklisted, specifically for encouraging investors to use its “so-called trading packages” to transact in cryptocurrencies. Eagle Bit Trade is a bitcoin trading platform that pays a bonus to “package holders” if they recruit a new member, with residual commissions earned as the pool or team members in this binary compensation setup grow. The platform claims to offer free registration to new users, “however, you must purchase a package before you can start earning money.” Italy's Securities Regulator Warns Against Three Unlicensed Cryptocurrency Companies Italy’s financial watchdog “started gathering information about these platforms after receiving complaints about them,” Finance Magnates reported. In June, Consob, an autonomous statutory body set up to help regulate Italy’s securities ‎‎and futures market, warned against four foreign currency brokers. It said the companies, Fah Investment Ltd, CFX Point Ltd, AJN Trade Ltd and Light Media Ltd, were not authorized to provide investment services in the country. Europe Moves to Regulate Crypto CONSOB follows in the footsteps of other European regulators that have announced a series of measures targeted both at taxing and regulating cryptocurrencies. Italy's Securities Regulator Warns Against Three Unlicensed Cryptocurrency Companies The U.K’s Financial Conduct Authority said in October that it will begin consultations on whether to ban the sale of derivatives based on digital coins like BTC as well as to restrict crypto-based contracts of difference to the public. Virtual currency futures and options will also be looked into, in discussions slated for the first quarter of 2019. In Spain, a proposed law will seek to tax cryptocurrencies while authorities closely monitor the activities of 15,000 crypto investors. What do you think about the warning from CONSOB? Let us know in the comments section below. Images courtesy of Shutterstock, Korea-DPR.info.

Spain’s Ministry of the Treasury has identified 15,000 cryptocurrency investors it will monitor to prevent tax evasion and money laundering, according to local media reports. The ministry has vowed to ensure that the investors pay taxes on capital gains from digital currency transactions and that they declare any other benefits accrued from trading. ‘Opaque’ Ownership According to Spanish daily newspaper El Pais, the country’s tax agency — the Agencia Estatal de Administración Tributaria (AEAT) — plans to monitor “the fiscal incidence of these new technologies, such as blockchain and, especially, cryptocurrencies,” to curb tax-related fraud and stamp out money laundering. Spain Monitors 15,000 Cryptocurrency Investors to Curb Tax EvasionIts real motivation, however, leans more toward curtailing illicit financial flows facilitated under the cover of cryptocurrency transactions. The tax regulator appears resigned to the fact that virtual currency taxes will not put much into state coffers. That’s “because the ownership of bitcoins is opaque for the tax authorities, and their negotiation is almost impossible to track,” El Pais stated. By monitoring the 15,000 taxpayers, the ministry aims to “put a stop to complex, unregulated and nontransparent (cryptocurrency) activities,” the paper continued. The taxpayers were identified following an investigation earlier this year of more than 60 companies by the National Fraud Investigation Office (Onif). The organization, which is a unit of the national tax agency, requested information on individuals who hold cryptocurrency. The targets included 16 large banks and 40 companies that allow people to buy and sell crypto assets or make payments with them, such as digital currency exchanges, payment platforms and bitcoin ATM operators. The results of the investigation are now being used by the ministry to track tax payments on capital gains and prevent alleged money laundering.

BCH has continued to produce bearish momentum, dropping to record lows against both fiat and cryptocurrency pairings. When measuring against the dollar, BCH has spent the majority of today, Nov. 21, bouncing between the record low area of $230 and local resistance at roughly $270. BCH has lost approximately 60% of its dollar value in the last fortnight in the wake of its contentious hard fork. As of this writing, BCH is trading for roughly $247 on Bitstamp. When measuring against BTC, BCH recently posted its lowest recorded price since its opening day of trade, falling to the 0.045 BTC area yesterday on Bittrex. Since then, BCH/BTC has bounced roughly 16% to currently trade for 0.05123 BTC. BCH/BTC has lost over 42% in the last two weeks.