Resolution no. 23681 of 24 September 2025

Order, pursuant to Article 94(1)(h) of Regulation (EU) 2023/1114 ("MiCAR") and Article 4(1) of Italian Legislative Decree no. 129/2024 to cease the infringement of Article 59 of the MiCAR carried out through the website www.spaziofinanziario.pro and the page https://clients.spaziofinanziario.pro

LA COMMISSIONE NAZIONALE PER LE SOCIETÀ E LA BORSA
[The National Commission for Companies and the Stock Exchange]

HAVING REGARD to Law no. 216 of 7 June 1974, as subsequently amended and supplemented;

HAVING REGARD TO Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-asset ("MiCAR");

HAVING REGARD TO Legislative Decree no. 129 of 5 September 2024;

HAVING REGARD to Legislative Decree no. 58 of 24 February 1998 ("Consolidated Law on Finance"), as subsequently amended and supplemented;

HAVING ESTABLISHED that, from checks on the web, it emerged that:

i. through the www.spaziofinanziario.pro website, which is active, available in Italian, registered anonymously, potential investors are offered the opportunity to place orders to buy and/or sell crypto-assets;

ii. the "Home" section of the website states "Welcome to Spazio Finanziario where success in cryptocurrency trading begins"; also "Market Analysis", "Trading Signals", "Educational Content" and "Portfolio Management" are offered. The "About Us" section states "At Spazio Finanziario, our mission is to democratize access to financial markets, especially the dynamic world of cryptocurrency trading. The "How it works"section states"Sign up now - Obtain portfolio monitoring - Sign up and log into our website to gain access to exclusive features and personalized trading experiences. Create your account effortlessly and start managing your crypto wallet easily". The "Contact Us" section states "Contact Support" and includes an email address and a form to be filled in;

iii. after completing registration, users can log into the reserved area of the website available in Italian at https://clients.spaziofinanziario.pro where, among other things, there are special functions for depositing cash in their trading account;

iv. as to traceability of the aforementioned transactions, the www.spaziofinanziario.pro website contains generic references to an entity called "Spazio Finanziario" and the "Contact Us" section includes an email address;

HAVING REGARD TO Resolution no. 23458 of 4 March 2025, whereby "SPAZIO FINANZIARIO" was ordered to cease the infringement of article 59 of the MiCAR conducted through the www.spaziofinanziario.com website and the https://clients.spaziofinanziario.com and https://trading.spaziofinanziario.com web pages;

WHEREAS the website www.spaziofinanziario.pro has a domain that is partially superimposable to the domain of the website www.spaziofinanziario.com, as well as similar content and graphic format;

WHEREAS the activity carried out through the www.spaziofinanziario.pro website and the page https://clients.spaziofinanziario.pro entails the provision of crypto-asset services, as referred to in Article 3(1)(16) of the MiCAR, insofar as users are offered the possibility, through said domains, to open an account/access a platform to place orders to buy and/or sell crypto-assets;

WHEREAS the above activity is still ongoing and is also addressed to Italian investors, since the www.spaziofinanziario.pro website is available in Italian, and cold calling of Italian consumers has been reported and likewise no mechanism has been found to block registration with the www.spaziofinanziario.pro website by users attempting to register from Italy through Italian IP addresses;

WHEREAS the website www.spaziofinanziario.pro and the page https://clients.spaziofinanziario.pro are not attributable to any party referred to in Article 45(1) of Italian Legislative Decree no. 129/2024 (as amended by Decree-Law no. 95 of 30 June 2025) – entitled "Transitional regime" – pursuant to which "Legal entities that, on 27 December 2024, are duly registered in the special section of the register referred to in Article 17-bis(1) of Legislative Decree no. 141 of 13 August 2010, in accordance with the provisions of paragraphs 8-bis and 8-ter of the same article, which submit an application for authorisation pursuant to Article 62 of Regulation (EU) 2023/1114, may continue to provide services relating to the use of virtual currencies or digital wallets by 30 December 2025, pursuant to the regulations laid down in the same provisions and the related implementing provisions, until 30 June 2026 or until the issuance or refusal of an authorisation pursuant to Article 63 of Regulation (EU) 2023/1114, whichever is the earlier";

WHEREAS the website www.spaziofinanziario.pro and the page https://clients.spaziofinanziario.pro cannot be attributed to any entity authorised to provide crypto-asset services to the Italian public;

HAVING REGARD to the fact that the provision of crypto-assets services is reserved to the authorised entities referred to in Article 59(1)(a) and (b) of the MiCAR pursuant to which "A person shall not provide crypto-asset services, within the Union, unless that person is: (a) a legal person or other undertaking that has been authorised as crypto-asset service provider in accordance with Article 63; or (b) a credit institution, central securities depository, investment firm, market operator, electronic money institution, UCITS management company, or an alternative investment fund manager that is allowed to provide crypto-asset services pursuant to Article 60";

HAVING ESTABLISHED, therefore, that the activities in question qualify as the professional provision of crypto-asset services to the Italian public, in breach of Article 59 of the MiCAR;

HAVING REGARD TO the provisions of Article 4(1) of Legislative Decree no. 129/2024 "In order to fulfil the duties provided for in Regulation (EU) 2023/1114, the delegated acts and technical standards for the regulation and implementation of the said regulation as well as this decree and its implementing provisions, the Bank of Italy and Consob, according to their respective areas of competence, have the powers provided for in Article 94(1) of Regulation (EU) 2023/1114";

HAVING REGARD to the fact that, pursuant to the provisions of Article 94(1)(h) of the MiCAR – entitled "Powers of competent authorities" – "where there is a reason to assume that a person is providing crypto-asset services without authorisation" the competent authorities, in accordance with national law, shall have the power "to order the immediate cessation of the activity without prior warning or imposition of a deadline";

CONSIDERING it therefore necessary, in the light of the foregoing, to adopt this Resolution immediately for reasons of urgency;

RESOLVES:

To order the cessation of the infringement of Article 59 of the MiCAR performed through the website www.spaziofinanziario.pro and the page https://clients.spaziofinanziario.pro consisting of the provision of crypto-asset services to the Italian public.

This Resolution shall be brought to the attention of the concerned parties and published in the Consob Bulletin.

This measure may be appealed before the Regional Administrative Court of Lazio within 60 days of the date of service.

THE CHAIRMAN
Paolo Savona