Italy’s financial regulator, the Commissione Nazionale per le Società e la Borsa (CONSOB), published Resolution No. 23891 on February 25, 2026, determining that Solaxy’s $SOLX offer is in violation of the Crypto-Assets Regulation (MiCA).
According to CONSOB, Solaxy offered the $SOLX token to the Italian public without notifying CONSOB of the whitepaper as required under Article 8 of MiCA.
The regulator ordered the “immediate cessation of the offer to the Italian public” (translated from Italian) of the $SOLX token. Solaxy has 60 days to appeal the decision before the Regional Administrative Court of Lazio.
In its broader press release on financial fraud and unauthorised investment services, CONSOB included Solaxy’s token offering as part of its crackdown on illegal activities.
In the same press release, CONSOB stated that internet service providers in Italy are working to block access to the websites concerned, noting that technical implementation may take several days.
CONSOB Orders Solaxy to Stop Offering $SOLX in Italy Over MiCA Whitepaper Breach
In its resolution, Commissione Nazionale per le Società e la Borsa stated that the website solaxy.io promoted the $SOLX token and invited users to purchase it.
The resolution further states that the website provided step-by-step instructions for purchasing $SOLX and redirected users to trading platforms where the token could be acquired.
According to the whitepaper available on the site, the $SOLX token is described as a utility token, intended for transactions, staking, dApp development, and governance within the Solaxy ecosystem.
The resolution notes that the website was accessible in Italian through an integrated translation tool, which CONSOB considered relevant in determining that the offer was addressed to the Italian public.
It also states that at least one Italian investor filed a complaint alleging that funds contributed to participate in the token offer were not returned.
According to the resolution, Solaxy Tech Ltd, a company registered in the British Virgin Islands, did not reply to CONSOB’s request for information.
Under Regulation (EU) 2023/1114 (MiCA), anyone offering crypto-assets to the public in the European Union must prepare a crypto-asset whitepaper in accordance with Article 6, formally submit (notify) it to the competent national authority under Article 8, and publish it in accordance with Article 9.
The resolution states that no such notification was submitted to the Italian authority.
CONSOB found that the offer qualified as a public offering of crypto-assets other than asset-referenced tokens or electronic money tokens. Because the required MiCA notification was missing, the activity was deemed to violate the EU crypto regulation.
What MiCA Requires From Crypto Projects Offering Utility Tokens in the EU
MiCA, formally known as Regulation (EU) 2023/1114 on markets in crypto-assets, is the European Union’s unified crypto regulatory framework.
It was introduced to create consistent rules for crypto-asset issuers and crypto-asset service providers across EU member states. Before MiCA, crypto regulation varied widely between countries.
Under MiCA, projects offering utility tokens to the public in the EU must be established as legal entities. They must draft a detailed whitepaper on the project, tokenomics, risks, token rights, and governance structure.
They must also notify the relevant national authority of the whitepaper before offering tokens to the public. In Italy, that authority is CONSOB.
MiCA aims to increase investor protection, reduce misleading marketing, and prevent unregulated token sales targeting retail investors. National regulators have enforcement powers, including the ability to order the suspension or cessation of crypto offerings.
In Solaxy’s case, CONSOB used its powers under Article 94 of MiCA to order the immediate stop of the $SOLX public offer in Italy.
What Is Solaxy and the $SOLX Token?
Solaxy is a crypto project developed by an anonymous team that builds a Layer-2 scaling solution for the Solana ecosystem, aiming to improve transaction speed, cost efficiency, and scalability on the Solana network.
The project markets $SOLX as the native utility token of this ecosystem, used for transaction fees, staking mechanisms, validator incentives, and governance participation.
The product vision outlined by Solaxy includes a rollup-style execution layer, staking functionality for token holders, and support for developers building decentralized applications within the Solaxy environment.
CONSOB’s decision does not declare Solaxy a scam. However, it confirms that the project did not comply with MiCA notification requirements when offering $SOLX to the Italian public.
