Italy’s CONSOB Warns Finfluencers on ESMA Crypto Risk Rules

Italy's securities regulator, CONSOB, has highlighted a new factsheet from the European Securities and Markets Authority (ESMA) warning social media finance influencers ("finfluencers") that European Union rules regarding investment recommendations and advertising apply strictly to crypto and "get rich quick" content. The ESMA stresses that promoting financial products is different from advertising consumer goods, and influencers are legally responsible for posts, even without professional status. Furthermore, paid partnerships must be clearly labeled as advertising, and simple disclaimers like "this is not financial advice" do not negate regulatory obligations; providing personalized investment tips without a license may constitute regulated advice. This action is part of a broader European effort to tighten regulation, following earlier ESMA statements on market abuse and reflecting global crackdowns, such as the SEC fining Kim Kardashian for undisclosed crypto promotion.

(Source：Cointelegraph)