Key Takeaways
- Italy’s CONSOB issues a warning to crypto “finfluencers” following ESMA guidance on responsible promotional practices.
- There are strict compliance requirements, including disclosure and due diligence obligations, for all crypto promotions.
- Failure to comply can lead to regulatory sanctions and restrictions on promotions, impacting the wider crypto market.
What Happened
Italy’s financial regulatory authority, CONSOB, has sent an urgent notification to social media figures promoting cryptocurrencies, commonly referred to as “finfluencers.” This action comes shortly after the European Securities and Markets Authority (ESMA) provided guidance highlighting risks associated with crypto-assets. This advisory, disclosed on January 12, 2026, underscores the need for responsibility in promoting high-risk products, emphasizing that EU regulations governing investment recommendations and advertisements are applicable to cryptocurrencies. The CONSOB underscores that non-compliance among influencers could lead to regulatory scrutiny and potential sanctions, as reported by CoinDesk.
Why It Matters
This crackdown on finfluencers is timely as the proliferation of misleading content and unsupported investment advice on social media has raised serious concerns regarding investor protection. The ESMA guidelines necessitate that creators explicitly disclaim any compensation for their promotional activities, avoid presenting speculative advice as certainty, and ensure they are not propagating misleading narratives about potential returns. With these requirements now firmly in place, there’s an expectation that influencers will become more cautious. Responsible conduct aligns with CONSOB’s broader efforts to regulate the cryptocurrency market effectively, as discussed in our previous article on the EU’s regulatory framework for digital assets, demonstrating a commitment to investor safety and market integrity.
What’s Next / Market Impact
As the regulatory landscape evolves, finfluencers are under pressure to adjust their promotional strategies according to the ESMA guidelines. Future violations or unlicensed advice may prompt swift regulatory actions against offending parties, potentially resulting in severe penalties and market disruptions. CONSOB has aggressively moved against unregulated crypto platforms, recently blocking access to several unauthorized websites and warning the public against scams. Since 2019, CONSOB has initiated nearly 1,500 blocks against illegal investment platforms, which reflects the authority’s strong commitment to safeguarding the market. Additionally, new EU regulations, provisionally agreed upon in late 2025, will require investment firms to vet and oversee finfluencers, creating further layers of compliance across the industry. Adhering to these requirements will not only protect influencers from penalties but also help foster a more reliable market environment for prospective investors.
