Commissione Nazionale per le Società e la Borsa, the Italian National Commission for Companies and the Stock Exchange, has ceased the operations of Avacrypto, a cryptocurrency-related company.

Reportedly, the reason behind the ban is that the company offered its services in the country without proper authorization. Though there are no standard policies regarding digital currencies in Italy, yet the treasury department of the Ministry of Economy and Finance was working on a decree that would regulate the use of cryptocurrency in the country.

The decree has outlined how and when the service providers in the digital currency sector must report their activities to the government. This initiative is aimed at stopping the crypto-related unlawful activities such as money laundering.