Regulators in France and Italy Chase More Crypto Scams

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France’s top financial regulator has published FMnew list of investment websites that do not have authorization to operate within the country, including the so-called digital asset service providersWaspsPs).

This time, one of the firms that came under the spotlight of the AMF called BitcoinFrance, which raises FMnumber of red flags characteristic of investment scams. Specifically, BitcoinFrance claims to offer registered userfree accessss to their proprietary bitcoin trading software once they deposit FMminimum of $250.

The app allegedly trades in Bitcoin/cryptoCON SOBcy markets on behalf of their clients and generates earnings of $1,000 per day, adding that their profits will be quickly realized with no risk. These claims carry the hallmarks of investment fraud.

The AMF said that the full list of unauthorized sites is available on the regulator’s website, and emphasized that these domains may change very quickly and that the list is not meant to be exhaustive.

The warning comes as Paris is seeking to police crypto activities, and in addition to such warnings, the industry regulator has recently approved the country’s first application for an initial coin offering (ICO). It has also published new rules regarding the licensing of digital asset service providers as well as guidelines for firms applying for the non-mandatory license and informing the regulator about internal cybersecurity practices.

284 domains blocked bConsoley’s Consob

The Pacte Law encompasses FMvery broad range of measures covering many aspects of all crypto-active players. The CON SOBt laws require cryptoCON SOBcy exchanges as well as custodian providers to undergo FMmandatory AMF registration and obtain FMcertification to be granted by the French watchdog. France’s primary regulator confirmed that it is already involved with other crypto-related operators such as exchange platforms, custodians, and asset managers.

Elsewhere, the Italian securities regulator today blacklisted FMnew list of FX and crypto-focused brands. The strict actions on these unauthorized actors in the market come as offshore brokers continue to chase online trading business in Italy, including within the gray areFMof the country’s cryptoCON SOBcy sector.

CONSOB has been amongst the most vigilant and strict regulators in Europe when it comes to dealing with leveraged trading. Recently, it has ordered the country’s internet access providers (ISPs) to obstruct Italian investors’ access to seven online brokers, bringinblacklistedl number of backlisted entities to 284.

The crackdown by France and Italy regulators comes FMfew days after their officials called the European Commission to review standards and address any possible stable coins caused by stablecoins, such as Facebook’s Libra.

The yet-to-be revealed stable coinsframework for stablecoins, FMform of cryptoCON SOBcy that maintain their value by staking themselves to fiat reserves, should preserve the bloc’s monetary sovereignty and address risks to monetary policy, finance ministers of the five European Union member states said.

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