With just a few days to go before the end of the transitional period set out in the MiCA Regulation, ESMA has issued guidance to unauthorised crypto-asset service providers. "Whilst many CASPs (Crypto Asset Service Providers) will obtain authorisation by 1 July 2026, other entities, including major providers currently offering services to EU clients under national regimes, may not be authorised by that deadline," writes ESMA in a statement published on its website.

In particular, the European Authority emphasises that unauthorised CASPs must take immediate steps to wind down their activities in the European Union in an orderly manner, whilst safeguarding clients' interests and mitigating risks to the market. Specifically, they must immediately cease acquiring new clients and marketing activities, and must limit the provision of services to the sale or transfer of crypto-assets or the closure of positions. Custody services may continue only for the period strictly necessary to ensure the orderly closure of clients' positions. Furthermore, they must communicate "clearly, promptly and repeatedly with clients" regarding the measures taken to safeguard their assets and their "winding-up plans", so that clients are aware of the timelines for the disposal, transfer or closure of their positions. In this context, ESMA reminds unauthorised CASPs that they may not provide MiCA services or solicit clients in the European Union.

In the document, ESMA also warns clients of unauthorised CASPs, whether they are EU or non-EU entities, that they do not benefit from the guarantees and safeguards provided for under MiCA. They must therefore check the ESMA Register to see whether their provider is authorised under the MiCA Regulation and, if not, take prompt action, including transferring their crypto-assets to an authorised CASP or to a so-called self-hosted wallet.

The Financial Disputes Arbitrator (ACF) is approaching its tenth year of operation with a track record that confirms the body's central role in protecting savers' interests. In 2025, 760 appeals were lodged – an average of 63 per month – of which 585 were admitted for consideration by the Panel, which met 45 times and issued 869 decisions. 42.7 per cent of the appeals were upheld, resulting in total compensation awarded of €7.6 million.

The geographical distribution of claims reveals a two-speed Italy: the North accounts for 51.2 per cent of the total, with Lombardy alone making up 18.3 per cent, followed by Emilia-Romagna (11.7 per cent) and Lazio (11.6 per cent); the South and the Islands account for 25.5 per cent, the Centre for 21.6 per cent, whilst appeals from abroad remain marginal at 1.7 per cent. The gender gap also remains pronounced. Indeed, 2025 confirms a trend that had already become clear previously: of the 760 complaints received, 526 were lodged by men (69.2 per cent) and only 221 by women (29.1 per cent), a figure indicative of family wealth management being predominantly male-led, even in cases of joint ownership. The age of the complainants, mainly between 55 and 64, also reveals significant disparities in financial well-being across different age groups, highlighting the evident difficulty young people face in allocating part of their income to financial investments.

The ACF was established by Consob in May 2016 and began operating in January 2017. Up to December 2025, it had resolved 12,495 disputes, upholding 61.6% of appeals and awarding total compensation of 172 million euros. The number of appeals has gradually fallen, with the peak (1,839) occurring in its first year of operation: "Our launch in 2017 coincided with one of the most dramatic moments in the country's recent financial history, with bank failures – some already in full swing and others still unfolding – causing extremely serious damage to communities," said ACF President Gianpaolo Barbuzzi, presenting the annual report. "In that climate," he added, "resolving individual disputes was not enough: we also had to work to restore that indispensable ingredient – trust."

According to the ACF, much has changed for the better over the past decade: the banking sector is now better capitalised and financial intermediaries are better able to build solid relationships with their customers. The role of the Ombudsman has also changed; it is no longer merely a dispute-resolution body but also a promoter of behavioural models capable of preventing conflicts at source, as demonstrated by the gradual decline in the number of appeals over time. Looking ahead, the ACF's president envisages an extension of its remit to include conciliation – modelled on the Insurance Ombudsman – and corporate matters, ultimately leading to a single ombudsman combining the functions of the ACF, the Banking and Financial Ombudsman and the Insurance Ombudsman, with benefits in terms of consistency in decision-making and cost rationalisation.

Finally, a specific section is devoted to artificial intelligence: retail investors are now immersed in a sea of information, fuelled in part by unverifiable sources, with the risk of succumbing to the temptation of 'do-it-yourself' approaches. Hence the call to strengthen financial education and digital literacy to combat misinformation.

Consob's annual meeting with the financial market will take place on Monday 13 July 2026.

The event will take place in Milan at 11:00 am at Palazzo Mezzanotte, at the Borsa Italiana headquarters in Piazza Affari.

A live stream will be available at via this link.

Financial education comes to Taobuk, Taormina's international book festival, with a workshop designed for girls, boys, and adults. On Monday, June 22, at the Ubik bookstore, Consob hosted the session "Finance Explained to Children—and Beyond." The workshop centered on the illustrated stories "Sofia Learns to Save" and "Sofia Goes to the Stock Market".

Consob has approved two recruitment announcements for hiring staff to be assigned to its Rome and Milan offices.

Specifically, the following positions are to be filled:

• 10 data scientists in the Management and Senior Professionals Division

The application deadline is July 16.

• 5 administrative assistants in the Personnel Operations Division.

The deadline to apply is July 6.

As part of its efforts to combat unauthorised financial activities, Consob has ordered the blocking of a total of 21 websites.

Specifically, orders were issued to shut down 8 websites that were unlawfully providing investment services and activities relating to financial instruments, and 13 websites that were unlawfully providing services relating to crypto-assets. Below is the list of websites ordered to be taken down:

This brings the total number of websites blocked by Consob since July 2019 – when the Authority was granted the power to order the blocking of websites belonging to unauthorised financial intermediaries – to 1,757. Of these, 217 relate to crypto-related activities.

The Authority has exercised the powers deriving from the "Growth Decree" to block the websites of unauthorised financial intermediaries, as well as 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 provided to Italian investors without authorisation.

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

It is important that savers exercise the utmost diligence in making fully informed investment decisions, adopting common-sense practices that are essential for safeguarding their savings: these include checking in advance, for websites offering investment services and crypto-assets, that the operator through which the investment is made 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 evolving nature 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 and celebrities, and content generated by artificial intelligence systems – such as images, voices or videos – with the aim of persuading investors to make harmful investment decisions.

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