The Italian security commission (CONSOB) issued on December 4 2017 a warning summarizing the ESMA statements237, regarding investors and firms:
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The speculative nature of ICOs with not easily perceived risks.
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The volatility of the values of virtual currencies.
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The potential difficulty for investors to redeem them.
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Risks related to the inapplicability of controls put in place by European regulations on financial investments.
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Potential illicit purposes, such as money laundering or fraud.
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The activity of firms may constitute a regulated activity that must be carried out according to regulations on financial investments (the Prospectus Directive, MiFID, AIFMD and the Anti-Money Laundering Directive).
