[Newsflash n. 58]

Following the suspension of Initial Coin Offerings (“ICO”) of crypto assets (token TGA) promoted by an English company “Togacoin LTD” adopted by Consob on 31 October 2018 (see our Newsflash n.54), the Regulator resolved for the definitive ban of the Togacoin ICO, pursuant to Article 99 paragraph 1(d) of Italian Financial Act (TUF).

In particular, Consob has confirmed that such offer constitutes an infringement of the Italian provisions on public offering on the grounds that:

• the company did not filed any objections with the Authority and
• there were no findings that allowed a different qualification of the offer.

Please do not hesitate to contact us should you need any further clarification on the above and any other FinTech related matters.

Contacts:

Vito Vittore
Partner

Elena Pagnoni
Partner

Roberta Talone
Associate