News of the week:
Crypto-assets: Consob authorises the first service provider (CASP)
Consob and the ACF at the 2026 Salone del Risparmio
Standard Prospectus: new Listing Act rules applicable from 5 June. ESMA publishes a Statement with guidance on implementation
Watch for scams! Illegal financial activities: Consob blocks 23 websites offering crypto-asset services

Consob's decisions of the week

- NEWS OF THE WEEK -

Consob has issued the first authorisation as a CASP (Crypto-Asset Service Provider), i.e. a provider of services for crypto-assets, as required by the European MiCA Regulation (Markets in Crypto-Assets Regulation). The measure, adopted following the preliminary investigation and after a favourable opinion from the Bank of Italy, concerns CheckSig S.r.l. Società Benefit.

The company has operated to date as a VASP (Virtual Asset Service Provider) under the transitional regime that accompanied the gradual alignment with the new European framework. As a result of the authorisation, CheckSig S.r.l. Società Benefit is removed from the OAM (Organismo Agenti e Mediatori) register of VASPs and entered in the Single European Register of Crypto-Asset Service Providers maintained by ESMA.

With regard to the transitional regime, Consob notes that operators currently registered with the OAM as VASPs must obtain authorisation under MiCAR by 30 June 2026 in order to continue providing their services.

back to index

The Salone del Risparmio, an event dedicated to asset management, financial education and investor protection, concluded on 7 May in Milan. Consob took part in the 2026 edition with the Financial Disputes Arbitrator's stand, where colleagues engaged visitors in an interactive quiz to raise awareness of the Arbitrator's role and activities.

Consob also took part in a number of in-depth panel discussions, including 'Tests of integration: new European rules for asset management', 'The dark side of private credit', as well as a session dedicated to the role of arbitrators in the financial system, organised by the body for the out-of-court resolution of disputes between investors and intermediaries established by Consob.

"Alternative dispute resolution mechanisms, such as the Financial Disputes Arbitrator, help to foster a culture of fairness, transparency and accountability in relations between intermediaries and clients," said Consob's Deputy Chair, Chiara Mosca, opening the conference 'Investor protection, trust and growth: the role of arbitrators in the financial system'. The ACF, she emphasised, is a tool "designed to protect investors, enabling them to obtain decisions swiftly, at no cost and without the need for legal representation", Mosca then highlighted that "the experience gained during the ACF's first 10 years shows that the work of arbitrators serves not only a remedial function, but increasingly also a preventive and guiding function, capable of steering the behaviour of market operators and strengthening the overall quality of the financial system".

The importance of the arbitrators' role was also highlighted by Nadia Linciano, Secretary General of Consob: "One of the levers to be activated to foster trust is a system of safeguards capable of guaranteeing high standards of protection for citizens in their financial choices. And this is where arbitrators come into play: the ACF, the Banking and Financial Arbitrator and the Insurance Arbitrator are not merely conflict resolution mechanisms but genuine pillars of trust."

Over the course of the ACF's nearly ten years of activity, explained its president, Gianpaolo Barbuzzi, "we have realised that our task was not merely to resolve individual issues but to help strengthen confidence in the financial markets. We are heartened that the compliance rate for our decisions has never fallen below 90% and rose to 95% last year. We may never reach 100%, but our aim is to achieve the widest possible acceptance of our decisions."

back to index

From 5 June 2026, the amendments to the Prospectus Regulation introduced by the Listing Act will come into force.

In a Statement published on 7 May 2026, ESMA provided clarification on the approach to be followed ahead of the entry into force of the new Delegated Act adopted by the European Commission on 7 May 2026 concerning the format and content of the standard prospectus. The new Delegated Act is intended to amend Delegated Regulation (EC) 2019/980.

The Statement highlights that the delay in the adoption of the Delegated Act could lead to uncertainty regarding its application for prospectuses approved by the competent authorities after 5 June 2026. In this context, ESMA clarifies that the Level 1 provisions are to be considered applicable pending the entry into force of the new Delegated Act.

ESMA also recommends that operators refer to the provisions contained in the European Commission's Delegated Act of 7 May 2026 when preparing the information required by the new regulatory framework.

back to index

As part of its efforts to combat financial fraud, Consob has ordered the blocking of 23 websites through which unauthorised crypto-asset services were being provided and related marketing communications disseminated.

Below is the list of websites ordered to be taken down:

- "Patrimèra" (websites https://bircholtless.top, https://econmilanozone88.pro and https://romatrendix.xyz);

- "Stream Herplex Nx" (website https://shaftdwke.com);

- "Aziovale" (websites https://fintrendtrackerq.info, https://zenithad.top and https://marketflowgridz.top);

- "Portafica" (websites https://rowanbarrowty.pro, https://synthiumd.pro, https://florentiad.info, https://designlabyu.top, https://marketpulsehubx.top, https://italinsightpro.top, https://marketpulserf.info, https://travelnetty.pro, https://meridianad.info, https://borealhub.pro, https://clariseline.top, https://truewarmheartedpath.pro, https://truelightbeamd.pro, https://mindsparklety.info, https://spiritsweetbalanceup.top);

- "Epic Maxalt Neo" (website https://elapidpcsf.cc).

This brings the total number of websites blocked by Consob since July 2019 to 1,704, since the Authority was granted the power to order the blocking of websites belonging to unauthorised financial intermediaries. Of these, 201 relate to crypto-asset-related activities.

The Authority has exercised the powers provided for under the MiCAR framework (EU Regulation and Legislative Decree No. 129/2024) regarding the blocking of websites through which crypto-asset services are unlawfully provided to Italian investors, as well as the dissemination of marketing communications relating to such services.

The measures adopted by Consob can be viewed on the website www.consob.it. Internet service providers operating in Italy are currently in the process of blocking access to these websites. For technical reasons, it may take a few days for the block to take effect.

It is important that savers exercise the utmost care when making fully informed investment decisions, adopting common-sense practices that are essential for safeguarding their savings: among these, checking in advance, for websites offering investment services and crypto-assets, that the operator through which one is investing is authorised and, for offers of financial products and crypto-assets, that the prospectus or white paper has been published.

Consob also draws attention to the evolution of deceptive practices that exploit the internet to steal users' money and personal data: there has been an increase in the use of new tools, such as emails and 'cloned' websites, fake profiles of politicians, celebrities and content generated using artificial intelligence systems – such as images, voices or videos – with the aim of inducing savers to make harmful investment choices.

To this end, Consob urges investors to consult the dedicated information sheet containing advice on how to protect themselves from financial fraud in the age of artificial intelligence, and reminds them that its website features a section entitled "Watch for scams!", where useful information is available to warn investors against fraudulent financial schemes.

back to index

Order, pursuant to Article 94(1)(h) of Regulation (EU) 2023/1114 ("MiCAR") and Article 4(1) of Legislative Decree No 129/2024, to put an end to the breach of Article 59 of MiCAR committed by: "Patrimèra" (websites https://bircholtless.top, https://econmilanozone88.pro and https://romatrendix.xyz); "Stream Herplex Nx" (website https://shaftdwke.com); "Aziovale" (websites https://fintrendtrackerq.info, https://zenithad.top and https://marketflowgridz.top); "Portafica" (websites https://rowanbarrowty.pro, https://synthiumd.pro, https://florentiad.info, https://designlabyu.top, https://marketpulsehubx.top, https://italinsightpro.top, https://marketpulserf.info, https://travelnetty.pro, https://meridianad.info, https://borealhub.pro, https://clariseline.top, https://truewarmheartedpath.pro, https://truelightbeamd.pro, https://mindsparklety.info, https://spiritsweetbalanceup.top); "Epic Maxalt Neo" (website https://elapidpcsf.cc) (Resolution No. 23976 of 6 May 2026).

Commercio.Network Spa has been removed from section 3 of the list of digital circulation register operators pursuant to Article 21(1)(b) of the FinTech Decree and Article 10 of the DLT Regulation (Resolution No. 23975 of 6 May 2026).

CheckSig Srl Società Benefit, with its registered office in Milan, is authorised pursuant to Article 16(1) of Legislative Decree No 129/2024 and Article 63 of Regulation (EU) 2023/1114 as a crypto-asset service provider to carry out the custody and administration of crypto-assets on behalf of clients, exchange of crypto-assets for funds and other crypto-assets, execution of crypto-asset orders on behalf of clients, and crypto-asset transfer services on behalf of clients, as referred to in Article 3(1)(16)(a), (c), (d) and (e) respectively, (j) of Regulation (EU) 2023/1114 (Resolution No. 23974 of 6 May 2026).

back to index