Regulatory AlertsItaly: fintech & payments regulation
RegulatedItaly: Regulated fintech via Bank of Italy; PSD2/EMD2 transposition governs payments
- Lead regulator
- Bank of Italy (Banca d'Italia)
- Also involved
- Consob (investment services) · IVASS (insurance) · AGID (digital standards)
- Core law
- Legislative Decree 141/2010 (Transposition of PSD2)
- Entry capital
- EUR 125,000 (Payment Institution)
- Approval timeline
- 6-12 months
- Customer assets
- Segregated accounts required
- Data protection
- GDPR · Italian DPA (Garante)
- Sandbox
- No
Italy strictly regulates fintech and payments under the Bank of Italy. Payment Institutions (PIs) and Electronic Money Institutions (EMIs) require authorization and initial capital. Open banking is mandated by PSD2. The regulatory environment is mature, with the Bank of Italy enforcing strict operational and compliance standards.
Which licence do you need?
| Your activity | Requirement | Capital | Timeline | Authority |
|---|---|---|---|---|
| Payment processing / gateway | LicencePayment Institution (PI)[1] Requires authorization under Legislative Decree 141/2010 | EUR 125,000 | 6-12 months | Bank of Italy |
| E-money & wallet issuance | LicenceElectronic Money Institution (EMI)[1] Requires authorization under Legislative Decree 141/2010 | EUR 350,000 | 6-12 months | Bank of Italy |
| Domestic money transfer | LicencePayment Institution (PI)[1] Domestic transfers fall under PI/EMI authorization | EUR 125,000 | 6-12 months | Bank of Italy |
| Cross-border remittance | LicencePayment Institution (PI)[1] Cross-border payments require PI/EMI authorization | EUR 125,000 | 6-12 months | Bank of Italy |
| Agent network | RegistrationAgent Registration[2] Agents must be reported via GIAVA-Agenti system | — | — | Bank of Italy |
| Open banking / account information | LicenceAIS/PSP[1] Requires authorization under PSD2 (Legislative Decree 141/2010) | — | — | Bank of Italy |
| Foreign-exchange services | LicencePayment Institution (PI)[1] FX services require PI/EMI authorization | EUR 125,000 | 6-12 months | Bank of Italy |
New — what changed recently
- 2026-02-05Supervisory Provisions for PIs and EMIs — Bank of Italy issued new supervisory provisions governing operational and compliance requirements for payment and electronic money institutions.[1]
- 2024-05-08Crowdfunding Reporting Measures — Bank of Italy issued implementing measures for Article 4-sexies.1 of the TUF regarding informational obligations of crowdfunding service providers.[3]
- 2022-07-27Ownership Structures Regulations — Bank of Italy issued regulations on ownership structures of banks and other intermediaries, incorporating updates from February 2025.[4]
Market-entry checklist
- 1Secure PI/EMI AuthorizationApply to Bank of Italy with EUR 125k/350k capital and compliance framework.
- 2Register Agents via GIAVAReport all payment service agents using the GIAVA-Agenti online system.
- 3Implement PSD2 ComplianceEnsure adherence to EBA guidelines on major incident reporting and security.
- 4Open Bank AccountsSecure non-discriminatory payment accounts from Italian banks for operations.
Sources
- Supervisory Provisions for Payment Institutions and Electronic Money Institutions · 2026-02-05
- Communication of 24 January 2019 - New Reporting of Agents Distributing Payment Services · 2019-01-24
- Bank of Italy Measures Implementing Article 4-sexies.1 of the TUF Regarding Crowdfunding Service Providers for Enterprises · 2024-05-08
- Bank of Italy Regulations on Ownership Structures of Banks and Other Intermediaries · 2022-07-27