Italy Tightens Regulations on Crypto Promotions by Social Media Influencers
Italy's financial watchdog CONSOB has escalated its scrutiny of social media influencers promoting high-risk cryptocurrency investments. The MOVE follows a warning from the European Securities and Markets Authority (ESMA) about unlicensed financial advice circulating on digital platforms.
Regulators clarified that EU financial rules apply equally to social media content, rendering disclaimers ineffective against legal liability. Influencers face potential penalties for promoting unauthorized crypto products, with CONSOB explicitly warning they could be held accountable for facilitating fraud.
The crackdown reflects growing institutional concern about retail investor protection in volatile crypto markets. ESMA's recent factsheet emphasized that financial product promotions demand higher scrutiny than consumer goods, signaling a coordinated European approach to digital asset marketing regulation.
