The Italian security commission (CONSOB) issued on December 4 2017 a warning summarizing the ESMA statements237, regarding investors and firms:

  • The speculative nature of ICOs with not easily perceived risks.

  • The volatility of the values of virtual currencies.

  • The potential difficulty for investors to redeem them.

  • Risks related to the inapplicability of controls put in place by European regulations on financial investments.

  • Potential illicit purposes, such as money laundering or fraud.

  • 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).