Regulatory AlertsItaly: crypto & digital assets regulation
RegulatedItaly implements MiCAR via D.Lgs 129/2024; Bank of Italy supervises crypto-asset service providers
- Lead regulator
- Bank of Italy (Banca d'Italia)
- Also involved
- CONSOB (securities token oversight) · IVASS (insurance-linked tokens) · Bank of Italy (ARTs/EMTs)
- Core law
- Legislative Decree No. 129/2024 (implementing EU MiCAR)
- Entry capital
- EUR 350,000 (CASPs)
- Approval timeline
- 6 months (standard MiCAR authorization)
- Customer assets
- Segregation required; commingling prohibited
- Data protection
- GDPR · Italian DPA (Garante)
- Sandbox
- No
Italy has fully transposed the EU Markets in Crypto-Assets (MiCAR) Regulation through Legislative Decree No. 129/2024. The Bank of Italy serves as the primary supervisor for Crypto-Asset Service Providers (CASPs) and issuers of Asset-Referenced Tokens (ARTs) and Electronic Money Tokens (EMTs). The regulatory framework emphasizes strict governance, fitness and propriety assessments, and recovery planning for market participants.
Which licence do you need?
| Your activity | Requirement | Capital | Timeline | Authority |
|---|---|---|---|---|
| Exchange / trading platform | LicenceCASPs authorization[1] Requires MiCAR authorization for trading platforms | EUR 350,000 | 6 months | Bank of Italy |
| Custody of client assets | LicenceCASPs authorization[1] Custody is a core CASP service under MiCAR | EUR 350,000 | 6 months | Bank of Italy |
| Token issuance / public offering | LicenceART/EMT issuer authorization[1] Strict rules for ARTs and EMTs; other tokens may fall under securities laws | EUR 350,000 | 6 months | Bank of Italy |
| Broker-dealer / OTC desk | LicenceCASPs authorization[1] OTC desk services fall under CASP regime | EUR 350,000 | 6 months | Bank of Italy |
| Stablecoin issuance | LicenceART/EMT issuer authorization[1] MiCAR defines strict reserve and governance rules | EUR 350,000 | 6 months | Bank of Italy |
| Crypto payments acceptance | LicenceCASPs authorization[1] Crypto payment services require CASP license | EUR 350,000 | 6 months | Bank of Italy |
| Mining / staking services | Uncertainverify with regulator MiCAR does not explicitly cover mining/staking services | — | — | — |
| Advisory / portfolio management | Uncertainverify with regulator Crypto-asset advisory not explicitly in MiCAR; may fall under MiFID II | — | — | — |
New — what changed recently
- 2024-09Legislative Decree No. 129/2024 — Italy transposed EU MiCAR, establishing the national regulatory framework for crypto-assets and designating the Bank of Italy as supervisor.[1]
Market-entry checklist
- 1Secure MiCAR authorizationApply to Bank of Italy for CASP or ART/EMT issuer status with EUR 350k capital.
- 2Establish governance frameworkImplement recovery plans and fitness assessments for management as per Bank of Italy provisions.
- 3Ensure asset segregationSegregate client crypto-assets from own assets in compliance with MiCAR requirements.
- 4Register with AML unitRegister with UIF (Unità di Informazione Finanziaria) for anti-money laundering obligations.