The breaches of FA Rule E1(b) are said to have taken place between January 2014 and March 2017.
Throughout that period Toffolo was contracted to former club Norwich City, but played on loan at Swindon, Rotherham and Scunthorpe.
Toffolo has until July 19 to respond to the charges.
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The left-back made 19 Premier League appearances for Forest last season after joining the club from Huddersfield Town in the summer.
In May, Brentford's Ivan Toney was suspended for eight months after admitting to 232 breaches of FA Rule E8. The offences took place between 2017 and 2021.
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In December 2020, England defender Kieran Trippier received a ten-week ban after being found guilty of breaching betting regulations.