TL;DR
- Italy’s CONSOB warns influencers about promoting crypto and leveraged products.
- Disclaimers like “not investment advice” do not remove legal liability.
- Influencers must clearly disclose any compensation for financial promotions.
Italy’s market watchdog, CONSOB, has issued a formal warning to so-called fin-influencers regarding the promotion of cryptocurrencies and other financial products on social media, aligning with guidance published by the European Securities and Markets Authority (ESMA). The regulator stressed that EU investment rules apply to online content and that promoting crypto assets is not comparable to advertising consumer goods.
The notice explains that posts related to cryptocurrencies, contracts for difference, forex, futures, and other speculative products may qualify as regulated investment advice, even when presented in informal language. CONSOB underlined that disclaimers such as “this is not investment advice” do not shield influencers from legal responsibility if the content encourages followers to buy, sell, or hold specific assets.
According to ESMA, any form of investment recommendation, whether direct or implied, may require prior authorization from a national regulator. Influencers are also required to clearly disclose any compensation, gifts, or benefits linked to financial promotions. The authority warned that content encouraging high-risk strategies can have adverse effects on retail and inexperienced investors.
CONSOB emphasized that content creators are legally accountable for what they publish
Misleading, exaggerated, or reckless posts can lead to enforcement actions under EU financial law. The assets highlighted in the warning include cryptocurrencies, leveraged instruments, and products that may result in the total loss of invested capital.
The Italian warning forms part of a broader European crackdown on online investment promotion, first addressed by ESMA in 2021. In serious cases, such behavior may be treated as illegal investment advice or even market manipulation, with fines reaching up to five million euros for individuals and higher penalties for institutions.
Italy has also strengthened its domestic framework following the implementation of the Markets in Crypto-Assets (MiCA) regulation. CONSOB reported that since 2019 it has ordered the blocking of more than 1,500 unauthorized investment websites, bringing the total number of blocked domains and web pages to over 2,200 by early 2026. The regulator reiterated that crypto service providers operating in Italy were required to meet licensing requirements by the end of 2025 to continue offering services legally.
