CONSOB, Italy’s crypto regulator terminates Tessline’s operations and digital coin

Europe had provided the stage for the cryptocurrency exchanges to proliferate their operations. With the rise of the crypto regulations to control the crypto ecosystem, many countries had come forward to ban the operations for the betterment of the crypto market. The latest addition to the list, Italy had taken strict actions to ban the business operations of an exchange.

Italy’s regulating body, La Commissione Nazionale per le Società e la Borsa [CONSOB], has issued a notice suspending the venture of Tessline and its digital money Liracoin. In its notice, CONSOB expressed that a progressive number of websites linked with both the Tessline and Liracoin are banned from carrying out business because the organization infringed the Article 18 of Italy’s Consolidated Law of Finance. 

The major concern of the crypto regulatory body was that the organization was not aligning itself on legal grounds to carry out its business. CONSOB took another step towards banning another crypto exchange through the joint statement released with the  Malta’s Financial Services Authority.    

As the need for better rules rises, the major economies around the globe have started to initiate the committees that will handle the crypto space and all the operations associated with the exchanges will come under the regulatory body’s surveillance. This step is considered as a vital step towards generating transparency between the users and the exchanges carrying out digital money transactions. Along with this, the legal boards are planning on orienting the crypto regulations in accordance with the global level standards.