Italy’s CONSOB Orders Immediate Halt of Solaxy’s $SOLX Token Offer Under MiCA
Italy’s financial regulator, CONSOB (Commissione Nazionale per le Società e la Borsa), has ordered the immediate cessation of Solaxy’s $SOLX token offer to the Italian public under the EU’s MiCA Regulation (Regulation (EU) 2023/1114).
Resolution No. 23891 states that the $SOLX utility token was offered without notification of a required crypto-asset whitepaper under Article 8 of MiCA.
CONSOB determined that the Solaxy website provided instructions for purchasing the token and redirected users to trading platforms.
According to the resolution, the offer qualified as a public offering of crypto-assets other than asset-referenced tokens or electronic money tokens.
In a related press release addressing illegal financial activities, CONSOB included Solaxy’s token offering as part of its enforcement action. Italian ISPs are working to block access to the website.
The decision does not declare Solaxy a scam. However, it confirms that the crypto presale failed to comply with EU crypto regulation requirements applicable to utility token offerings in the European Union.
MiCA enforcement is now moving from theory to application, with regulators actively reviewing crypto presales and public token offers targeting EU investors.
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