Italy is rolling out strict new rules for financial influencers, or “finfluencers,” who promote high-risk products such as cryptocurrencies, as part of a broader European regulatory crackdown tied to the implementation of MiCAR.
The measures are being enforced by the Bank of Italy and CONSOB, with operational oversight involving Italy’s communications authority.
Mandatory Registration and Transparency Rules
Under the new framework, finfluencers considered “relevant” are now subject to formal oversight. This category generally includes individuals with more than 500,000 followers or over one million monthly views.
These influencers must register on a public list managed by AGCOM, Italy’s communications authority, and comply with a newly introduced code of conduct. The rules require clear disclosure of sponsored content and prohibit hidden advertising practices that could mislead retail investors.
Regulators say the changes are aimed at addressing the rise of promotional content that blurs the line between education and marketing, particularly in crypto markets.
Strong Focus on Investor Protection
CONSOB has intensified enforcement actions alongside the new rules. The regulator has issued repeated warnings and blocked websites operated by unauthorized financial promoters, highlighting the risks associated with “get-rich-quick” narratives commonly seen on social media.
Officials have stressed that many of these promotions come from individuals or entities lacking any regulatory approval, increasing the risk of fraud and investor losses.
Alignment With the EU’s MiCAR Framework
Italy’s national measures are designed to align with the Markets in Crypto-Assets Regulation (MiCAR), which requires all Crypto-Asset Service Providers (CASPs) to be properly authorized by national regulators to operate legally within the country.
This alignment ensures that crypto promotion standards match the broader EU framework governing issuance, custody, and marketing of digital assets.
Heavy Penalties for Violations
The new regime includes significant penalties for non-compliance:
- Financial fines ranging from €5,000 to €5 million for individuals, with higher thresholds for firms of up to 3% of annual turnover.
- Hidden advertising violations can result in administrative fines of up to €250,000.
- Child protection breaches related to financial promotions may trigger penalties of up to €600,000.
Italy also took part in a cross-border enforcement action in June 2025, coordinated by the UK’s Financial Conduct Authority, targeting illegal financial promotions on social media platforms.
Guidance for Italian Investors
CONSOB is urging investors to verify the authorization status of any platform or individual promoting crypto assets. Checks can be made through official registers maintained by OAM (Organismo Agenti e Mediatori) or the European Securities and Markets Authority (ESMA).
Regulators emphasize that the new rules are intended to restore trust, reduce misinformation, and bring crypto-related promotions under the same standards applied to traditional financial markets.
