PROVISIONS OF THE BANK OF ITALIA

PROVISIONS OF THE BANK OF ITALIA IMPLEMENTING ARTICLE 5, PARAGRAPHS 1 AND 3, OF LEGISLATIVE DECREE 5 SEPTEMBER 2024, NO. 129, RELATING TO CRYPTO-ASSET MARKETS

THE BANK OF ITALIA

HAVING REGARD TO Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets (“Regulation (EU) 2023/1114”);

HAVING REGARD TO the European Banking Authority Guidelines on the minimum content of governance arrangements for asset-referenced token issuers, adopted on 6 June 2024 pursuant to Article 34(13) of Regulation (EU) 2023/1114 (EBA/GL/2024/06);

HAVING REGARD TO the European Banking Authority Guidelines on recovery plans for asset-referenced token issuers and electronic money token issuers, adopted on 13 June 2024 pursuant to Article 46(6) of Regulation (EU) 2023/1114 (EBA/GL/2024/07);

HAVING REGARD TO the joint Guidelines of the European Banking Authority and the European Securities and Markets Authority on the assessment of the fit and proper status of members of the administrative, management, or supervisory body of asset-referenced token issuers and crypto-asset service providers and on the assessment of the fit and proper status of shareholders or members, direct or indirect, with qualified holdings in asset-referenced token issuers and crypto-asset service providers, adopted on 4 December 2024 pursuant to Articles 21(3) and 63(11) of Regulation (EU) 2023/1114 (EBA/GL/2024/09; ESMA75-453128700-10);

HAVING REGARD TO Legislative Decree 5 September 2024, No. 129, on “adaptation of national legislation to Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets and amending Regulations (EU) No 1093/2010 and (EU) No 1095/2010 and Directives 2013/36/EU and (EU) 2019/1937”, and in particular Article 3, which identifies Consob and the Bank of Italy as the national competent authorities responsible for carrying out the functions and tasks provided for by Regulation (EU) 2023/1114;

HAVING REGARD TO the Memorandum of Understanding between the Bank of Italy and Consob, adopted pursuant to Article 9(2) of Legislative Decree 5 September 2024, No. 129;

CONSIDERING that, pursuant to Article 5(1) of Legislative Decree 5 September 2024, No. 129, the Bank of Italy and Consob may, within the scope of their respective competences, issue implementing provisions of the same Legislative Decree, as well as of Regulation (EU) 2023/1114, also in order to take into account the guidelines of the European supervisory authorities, as well as provisions concerning the methods of exercising supervisory powers;

CONSIDERING that, pursuant to Article 5(3) of Legislative Decree 5 September 2024, No. 129, the Bank of Italy exercises regulatory powers in matters indicated by Articles 12(2) and 17(3) of the same Legislative Decree, having heard Consob, and, with reference to the matters indicated by Articles 12(2)(b), (d), and (f), and 17(3)(d) of the same Legislative Decree, having acquired the agreement of Consob;

CONSIDERING the need to complete the national implementing legislation of the provisions contained in Regulation (EU) 2023/1114, also in order to take into account the Guidelines of the European supervisory authorities, as well as the provisions of Legislative Decree 5 September 2024, No. 129, in matters assigned to the regulatory competence of the Bank of Italy by that Decree;

HAVING REGARD TO the Bank of Italy Regulation of 9 July 2019, governing the adoption of acts of a normative or general content by the Bank of Italy in the exercise of supervisory functions, pursuant to Article 23 of Law 28 December 2005, No. 262, and in particular Article 8(2), pursuant to which public consultation and regulatory impact analysis (RIA) may be omitted when the regulatory act merely implements or transposes in conformity the content of acts, even non-binding, of other European Authorities already subject to consultation or RIA procedures;

HAVING HEARD Consob pursuant to Article 5(3) of Legislative Decree 5 September 2024, No. 129, with reference to the matters referred to in Article 12(2)(e) and 17(3)(b) of the aforementioned Decree;

HAVING ACQUIRED the agreement of Consob pursuant to Article 5(3) of Legislative Decree 5 September 2024, No. 129, with reference to the matters referred to in Article 12(2)(b) and (f) of the aforementioned Decree;

ISSUES

the attached Provisions implementing Article 5, paragraphs 1 and 3, of Legislative Decree 5 September 2024, No. 129, relating to crypto-asset markets. This provision is published in the Official Gazette of the Italian Republic and enters into force fifteen days after publication; it is also published on the Bank of Italy website.

Rome, 30 September 2025

The Governor Fabio Panetta

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SUPERVISORY PROVISIONS ON CRYPTO-ASSETS

INDEX

SUPERVISORY PROVISIONS ON CRYPTO-ASSETS

CHAPTER 1 - GENERAL PROVISIONS AND SCOPE OF APPLICATION.... 4

1. Premise ................................................................................................................................................ 4
2. Legal Sources ..................................................................................................................................... 5
3. Definitions............................................................................................................................................. 5
4. Addressees.............................................................................................................................................. 6
5. Administrative Proceedings.................................................................................................................. 6

CHAPTER 2 - ADMINISTRATIVE AND ACCOUNTING ORGANIZATION AND INTERNAL CONTROLS...................................................................................................................................................... 8

SECTION I: GENERAL PROVISIONS .................................................................... 8

1. Premise ................................................................................................................................................ 8
2. Legal Sources ..................................................................................................................................... 8
3. Definitions............................................................................................................................................. 8
4. Principle of Proportionality ................................................................................................................... 9

SECTION II: GENERAL ORGANIZATIONAL REQUIREMENTS..................................... 11

1. Organizational Structure......................................................................................................................... 11
2. Risk Culture ............................................................................................................................... 11
3. Corporate Values and Code of Conduct .................................................................................................. 11
4. Transparency.......................................................................................................................................... 11

SECTION III: CORPORATE GOVERNANCE ................................................................................................. 12

1. Premise .............................................................................................................................................. 12
2. Composition, Duties, and Powers of the Administrative Body........................................................ 12
3. Strategic Supervision and Management Functions ................................................................................ 13

SECTION IV: INTERNAL CONTROL SYSTEM............................................................................ 16

1. General Requirements................................................................................................................................. 16
2. Corporate Control Functions............................................................................................................ 16

SECTION V: AGREEMENTS WITH THIRD PARTIES AND OUTSOURCING OF FUNCTIONS......... 19

1. Premise .............................................................................................................................................. 19
2. Agreements with third parties for the management of the asset reserve, for the investment of reserve assets, for the custody of reserve assets, or for the distribution to the public of ART..................... 19
3. Outsourcing of corporate functions ............................................................................................... 21

SECTION VI: OPERATIONAL CONTINUITY............................................................................................. 23

SECTION VII: PROVISIONS APPLICABLE TO BANKS AND CLASS 1 SIMS ISSUING ART PURSUANT TO ART. 17 OF MICAR.................................................................... 24

CHAPTER 3 - SHAREHOLDERS AND MANAGEMENT.................................................................... 25

SECTION I - SHAREHOLDERS......................................................................................... 25

1. Premise .............................................................................................................................................. 25
2. Legal Sources ................................................................................................................................... 25
3. Applicable Provisions ....................................................................................................................... 26 3.1. Information to be attached to the authorization application ......................................................................... 26
4. Criteria for the assessment of the authorization application...................................................................... 27

SECTION II - MANAGEMENT .................................................................................................. 28

CHAPTER 4 - RECOVERY PLANS.............................................................................................. 29

SECTION I: GENERAL PROVISIONS .................................................................. 29

1. Premise .............................................................................................................................................. 29
2. Legal Sources ................................................................................................................................... 29
3. Definitions........................................................................................................................................... 29
4. Principle of Proportionality ................................................................................................................. 30

SECTION II: CONTENT OF PLANS................................................................................................... 31

1. Fundamental elements of plans and update timelines....................................................... 31 1.1. Plan governance information ............................................................................................. 31 1.2. Recovery indicators and monitoring thresholds ......................................................................... 32 1.3. Recovery options, scenarios, and operational continuity................................................................... 33 1.4. Maintenance of services ................................................................................................................ 34 1.5. Communication and disclosure plan .......................................................................................... 34

SECTION III: INTERACTION BETWEEN THE DIFFERENT RECOVERY PLANNING OBLIGATIONS........................................................................................................................................ 35

1. Premise .............................................................................................................................................. 35
2. Multiple issuers of the same token and issuers offering the public two or more tokens ....................... 35
3. Issuers subject to other recovery planning obligations under EU sectoral legislation......................................................................................................................................... 35

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SUPERVISORY PROVISIONS ON CRYPTO-ASSETS

CHAPTER 1

GENERAL PROVISIONS AND SCOPE OF APPLICATION

1. Premise

Regulation (EU) 2023/1114 on markets in crypto-assets (Markets in Crypto-Assets Regulation, “MiCAR”) introduces harmonized regulation in the European Union for the issuance, public offering, and provision of services relating to crypto-assets that are not classified as instruments or financial services already regulated by European Union legislative acts (1).

These are, in particular, the following types of crypto-assets (2): i) asset-referenced tokens (“ART”), which aim to maintain a stable value by referencing another value or a right or a combination of the two, including one or more official currencies; ii) electronic money tokens (“EMT”), which aim to maintain a stable value by referencing the value of a single official currency; iii) crypto-assets “other than”, a residual category encompassing crypto-assets other than ART and EMT.

The MiCAR regulation is completed by secondary legislation, in the form of regulatory technical standards (RTS) and implementing technical standards (ITS) (3), adopted by the European Commission on the proposal of the European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA), as well as by the Guidelines adopted by the European Supervisory Authorities (ESAs).

At the national level, MiCAR was implemented via Legislative Decree 5 September 2024, No. 129 (the “MiCAR Decree”), which identified, among other things, the Bank of Italy and Consob, each within the scope of their respective attributions, as the national competent authorities for exercising authorizing, regulatory, supervisory, and sanctioning powers over ART issuers and crypto-asset service providers. Coordination between the Authorities is achieved through specific memoranda of understanding (4). The Bank of Italy is also the national competent authority exclusively for exercising regulatory, supervisory, and sanctioning powers over EMT issuers. Certain supervisory competences over ART and EMT issuers classified as significant are also attributed to the EBA directly by MiCAR.

The activities of issuance, public offering, and admission to trading of ART or EMT, as well as the provision of crypto-asset services, are reserved for categories of subjects expressly identified by MiCAR, as further specified at the national level by the MiCAR Decree. In particular:

a) The issuance, public offering, and request for admission to trading of ART is reserved for: i) Subjects authorized pursuant to Art. 21 of MiCAR and Art. 11 of the MiCAR Decree, which include electronic money institutions (EMIs), payment institutions (PIs), securities investment firms (SIFIs) other than Class 1, and subjects referred to in Art. 11(8) of the MiCAR Decree; ii) Banks and Class 1 SIFIs, upon notification to the Bank of Italy pursuant to Art. 17 of MiCAR;

b) The issuance, public offering, and request for admission to trading of EMT is reserved for banks, Class 1 SIFIs, and electronic money institutions (EMIs), upon notification to the Bank of Italy pursuant to Art. 48 of MiCAR;

c) Crypto-asset services (exchange services, custody and administration, execution of orders, investment advice, reception and transmission of orders, transfer, placement, etc.) may be offered by subjects authorized pursuant to Art. 63 of MiCAR and Art. 16(7) of the MiCAR Decree (so-called crypto-asset service providers or CASPs), as well as by already supervised intermediaries (banks, SIFIs, central securities depositories, trading venue operators, collective investment scheme managers, EMIs, PIs) in conformity with the notification or authorization regime provided for by MiCAR and the MiCAR Decree.

These provisions lay down rules on governance arrangements, assessment of the fit and proper status of management and qualified participants, and recovery plans, implementing the EBA Guidelines on the minimum content of governance arrangements for asset-referenced token issuers, the joint EBA and ESMA Guidelines on the assessment of the fit and proper status of members of the administrative, management, or supervisory body of asset-referenced token issuers and crypto-asset service providers and on the assessment of the fit and proper status of shareholders or members, direct or indirect, with qualified holdings in asset-referenced token issuers and crypto-asset service providers, as well as the EBA Guidelines on recovery plans for asset-referenced token issuers and electronic money token issuers.

2. Legal Sources

The matter is regulated by:

• Regulation (EU) 2023/1114 of 31 May 2023 on markets in crypto-assets and amending Regulations (EU) No 1093/2010 and (EU) No 1095/2010 and Directives 2013/36/EU and (EU) 2019/1937;
• The EBA Guidelines on the minimum content of governance arrangements for asset-referenced token issuers, adopted on 6 June 2024 pursuant to Art. 34(13) of Regulation (EU) 2023/1114 (EBA/GL/2024/06);
• The EBA Guidelines on recovery plans for asset-referenced token issuers and electronic money token issuers, adopted on 13 June 2024 pursuant to Art. 46(6) of Regulation (EU) 2023/1114 (EBA/GL/2024/07);
• The joint EBA and ESMA Guidelines on the assessment of the fit and proper status of members of the administrative, management, or supervisory body of asset-referenced token issuers and crypto-asset service providers and on the assessment of the fit and proper status of shareholders or members, direct or indirect, with qualified holdings in asset-referenced token issuers and crypto-asset service providers, adopted on 4 December 2024 pursuant to Arts. 21(3) and 63(11) of Regulation (EU) 2023/1114 (EBA/GL/2024/09 and ESMA75-453128700-10);
• Legislative Decree 5 September 2024, No. 129 and, in particular, Arts. 3, 5(1) and (2), 12(2)(b), (f), (e), 17(3)(b).

3. Definitions

For the purposes of these provisions, the following terms are understood as:

• “MiCAR”: Regulation (EU) 2023/1114 of 31 May 2023 on markets in crypto-assets and amending Regulations (EU) No 1093/2010 and (EU) No 1095/2010 and Directives 2013/36/EU and (EU) 2019/1937;

• “MiCAR Decree”: Legislative Decree 5 September 2024, No. 129.

Unless otherwise specified, for the purposes of these provisions, the definitions contained in MiCAR, the MiCAR Decree, and the Guidelines referred to in paragraph 2 apply.

4. Addressees

These provisions apply to issuers of ART and EMT and to CASPs, as established in the individual Chapters and subject to the following clarifications:

• Chapter 2, concerning administrative and accounting organization and internal controls, applies to subjects authorized as ART issuers pursuant to Art. 21 of MiCAR and Art. 11 of the MiCAR Decree. Banks and Class 1 SIFIs issuing ART pursuant to Art. 17 of MiCAR apply exclusively the parts indicated in Section VII of Chapter 2;

• Chapter 3, on the assessment of the fit and proper status of management and qualified participants, applies to subjects authorized as ART issuers pursuant to Art. 21 of MiCAR and Art. 11 of the MiCAR Decree and to subjects authorized as CASPs pursuant to Art. 63 of MiCAR and Art. 16 of the MiCAR Decree;

• Chapter 4, on recovery plans, applies to subjects authorized as ART issuers pursuant to Art. 21 of MiCAR and Art. 11 of the MiCAR Decree, to EMIs issuing EMT, as well as to banks and Class 1 SIFIs that

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(1) The regulation on the issuance, public offering, and admission to trading of ART and EMT is applicable from 30 June 2024, while the other provisions of MiCAR are applicable from 30 December 2024.

(2) Art. 3(1)(5) of MiCAR defines crypto-assets as digital representations of value or a right which can be transferred and stored electronically, using a distributed ledger technology or a similar technology.

(3) The RTS and ITS implementing MiCAR regulate, among other things: the information to be included in the authorization application by subjects wishing to provide crypto-asset services or offer ART to the public or request admission to trading, as well as formats, models, and standard procedures for the aforementioned information; the requirements for policies and procedures on conflicts of interest; the information necessary to carry out the assessment of projects to acquire a qualified holding in an ART issuer or a CASP; the minimum content of governance provisions on the remuneration policy of significant ART issuers.

(4) See Memorandum of Understanding between Consob and the Bank of Italy regarding the implementation of MiCAR pursuant to Art. 9(1) and (2) of the MiCAR Decree.