FortiCard Announces Strategic Adjustment in Italy to Address Regulatory Challenges - TeleNicosia

Balancing Market Growth and Regulatory Compliance

FortiCard plans to officially register with Consob once the number of active users in the Italian market reaches 200,000. This figure has been carefully calculated to ensure that the revenue generated in Italy is sufficient to cover local taxation costs without negatively impacting user profits.

Recent negotiations with Italian financial regulators have further confirmed the market's significant potential. FortiCard is eager to accelerate its market development, but under the current tax policy, premature registration would result in a substantial reduction in user earnings. Therefore, the company has decided to temporarily restrict direct access to the FortiCard application for Italian users to optimize its market entry strategy.

Protecting User Interests Amid High Taxation

Discussions with Italian regulatory authorities have revealed that the current taxation standards are relatively high, while the number of Italian users remains limited. If registration is completed immediately and the company bears the high tax costs, all users' earnings will be significantly affected.

To ensure long-term user benefits, FortiCard has adopted a phased approach similar to the strategy it used in the United States during the early stages of market development. Based on this decision, access to the FortiCard application via local Italian networks will be temporarily restricted.

Commitment to the Italian Market

FortiCard aims to ensure long-term sustainable development in the Italian market while maximizing user benefits. By strategically planning market entry and avoiding premature taxation burdens, the company can provide stable and efficient financial services under more favorable conditions in the future.

Looking Ahead

FortiCard is actively negotiating with Italian regulators to secure more favorable market entry terms. As the user base grows, the company will proceed with regulatory registration, ensuring compliance while delivering long-term and stable financial services to Italian users.

During this period, FortiCard will continue monitoring market trends and exploring viable solutions to minimize the impact of regulatory changes on user experience.

About FortiCard

FortiCard is a global leader in financial services, known for its innovative investment solutions and strategic global approach. The company is committed to leveraging technology-driven financial services to provide efficient, secure, and sustainable investment opportunities for users worldwide.