According to the Italian Court of Cassation (Cass. pen. Sez. II Sent., 17/09/2020, n. 26807 (rv. 279590-01), cryptocurrency, such as bitcoins, are to be considered financial products, regulated by the Consolidated Law on Finance (TUF).

 Hence, the on line sale of virtual currency must be regulated by art. 91 and following of the TUF.   Potential customers and Consob must be informed about the characteristics of these financial products. 

 In case of   non-compliance with the aforementioned obligations under the Consolidated Law on Finance, the selling of bitcoins can be considered a crime without Consob's authorization pursuant to art. 166 paragraph 1)  lett. c) of the TUF.

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