Italy: crypto & digital assets regulation

Regulated

Italy implements MiCAR via Legislative Decree 129/2024; Bank of Italy supervises ARTs and EMTs

Lead regulator:: Bank of Italy
Key law:: Legislative Decree No. 129 of 5 September 2024
Last updated:: 2026-07-12

Italy has transposed the EU MiCAR Regulation into national law through Legislative Decree No. 129/2024, establishing a comprehensive framework for crypto-asset markets. The Bank of Italy serves as the primary supervisor for issuers of Asset-Referenced Tokens (ARTs) and Electronic Money Tokens (EMTs), issuing detailed provisions on governance, fitness assessments, and recovery planning.

This regulatory structure aligns Italy with the broader EU regime, ensuring that crypto-asset service providers and token issuers adhere to strict prudential and conduct standards. The Bank of Italy's supervisory provisions provide the operational mechanics for compliance, focusing on the stability and integrity of ARTs and EMTs.

The framework distinguishes between different types of crypto-assets, with specific oversight mechanisms for those pegged to fiat currencies or other assets. This approach ensures that systemic risks are mitigated while fostering a secure environment for digital asset innovation within the Italian jurisdiction.

Who regulates

Bank of Italy
Supervisor for issuers of Asset-Referenced Tokens (ARTs) and Electronic Money Tokens (EMTs); implements supervisory provisions on governance and recovery planning.
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Core laws & rules

Legislative Decree No. 129 (2024)
National legislation implementing the EU MiCAR Regulation, establishing the legal framework for crypto-asset markets in Italy.
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Licensing & registration

ART and EMT Issuers
Issuers of Asset-Referenced Tokens and Electronic Money Tokens are subject to authorization and supervision by the Bank of Italy, including requirements for governance, fitness assessments, and recovery planning.
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Restrictions & warnings

Detailed supervisory provisions impose strict rules on governance, fitness assessments, and recovery planning for regulated entities.
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Direction of travel

The regulatory landscape is now aligned with the EU MiCAR framework, with the Bank of Italy actively implementing supervisory standards for key crypto-asset categories.
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Sources

Bank of Italy Provisions Implementing Legislative Decree 5 September 2024, No. 129, on Crypto-Asset Markets · 2025-10-01

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This guide is compiled automatically from 1 primary-source documents published by Italy's regulators, reviewed by RegAlert, and refreshed monthly (last updated 2026-07-12). It is not legal advice — always confirm requirements with the regulator or local counsel before acting.