Italy regulates crypto through a transitional MiCA-aligned framework anchored in MiCA Regulation (EU) 2023/1114 and Legislative Decree No. 129/2024, with Decree No. 218/2024 effective January 1, 2025; until June 30, 2025, exchanges and custody providers require OAM registration only, after which full CASP authorization becomes mandatory. The Bank of Italy serves as primary supervisory authority, with authorization requiring €50,000–€150,000 minimum capital scaled by service type, alongside mandatory AML/KYC, EU/UN sanctions screening, Travel Rule compliance, and blocking of OFAC SDN-listed wallet addresses under strict liability. The single most decision-relevant factor is that CASP authorization from June 30, 2025 carries EU passport rights, eliminating per-country re-licensing across member states, with a transitional grace period for existing operators running through December 30, 2025. (eur-lex.europa.eu, data.europa.eu, sanctionssearch.ofac.treasury.gov)
Lodge with competent authority (Bank of Italy for custody/ARTs/EMTs; Consob for exchanges/platforms).
Primary Supervisory Authority: Bank of Italy (financial stability, systemic risk, cross-border issuance)
Secondary Authority: CONSOB (securities-related aspects, investor protection, MiCAR disclosure compliance)
Can specific business models operate in Italy? Each card answers the operational question for one kind of operator. Curated cells reflect counsel-grade review; AI-generated cells should be confirmed before relying on them.
Conditional · high burden.
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AI · Unreviewed| Law / Regulation | Year | Scope |
|---|---|---|
| MiCA Regulation (EU) 2023/1114: https://www.boccadutri.com/micar-european-regula | 2023 | MiCA Regulation (EU) 2023/1114: https://www.boccadutri.com/micar-european-regulation-on-crypto-assets/ |
| Legislative Decree No. 129/2024: https://www.lightspark.com/knowledge/is-crypto- | 2024 | Legislative Decree No. 129/2024: https://www.lightspark.com/knowledge/is-crypto-legal-in-italy ; https://cms.law/en/int/expert-guides/cms-expert-guide-to-crypto-regulation/italy |
| Decree No. 218/2024 (effective Jan 1, 2025): https://www.binance.com/en/square/p | 2024 | Decree No. 218/2024 (effective Jan 1, 2025): https://www.binance.com/en/square/post/33345454531865 |
| Legislative Decree No. 129 (effective September 2024): Transposes EU MiCA into I | 2024 | Legislative Decree No. 129 (effective September 2024): Transposes EU MiCA into Italian law, regulating issuance and trading of crypto-assets, including ARTs and EMTs, with requirements for authorization, asset segregation, and consumer… |
MiCA Regulation (EU) 2023/1114: https://www.boccadutri.com/micar-european-regulation-on-crypto-assets/
Legislative Decree No. 129/2024: https://www.lightspark.com/knowledge/is-crypto-legal-in-italy ; https://cms.law/en/int/expert-guides/cms-expert-guide-to-crypto-regulation/italy
Decree No. 218/2024 (effective Jan 1, 2025): https://www.binance.com/en/square/post/33345454531865
Pre-MiCA (until ~June 2025): Registration-only with OAM for VASPs (exchanges, custody); no full license needed but mandatory AML/KYC compliance. Investors urged to use registered firms.
Post-MiCA (from June 30, 2025): Licensing regime via CASP authorization; single EU passporting allows operation across member states without per-country re-licensing. Transitional grace until Dec 30, 2025, for existing operators.
Capital: €50,000–€150,000 minimum, scaled by services/risks.
AML/KYC: Strict compliance mandatory (Travel Rule, transaction monitoring, suspicious activity reporting); aligns with AMLD5 and GDPR for data protection.
Local Presence/Governance: Transparent ownership; board with finance/compliance experience; risk management systems; independent compliance/audit functions. No explicit branch required due to passporting, but Italian authorities oversee.
Other: Asset segregation, consumer protection, market abuse prevention.
Prepare documentation: Governance plans, fit-and-proper assessments for management/owners, capital proof, AML policies, risk systems.
Lodge with competent authority (Bank of Italy for custody/ARTs/EMTs; Consob for exchanges/platforms).
Undergo review for compliance; authorization grants EU-wide passporting.
Existing OAM-registered VASPs transition by applying before deadlines (June 30, 2025, for new ops; Dec 30, 2025, extension).
OFAC: Applies to all U.S. persons and has extraterritorial reach; VASPs must block cryptoassets linked to SDN-listed persons/entities (including wallet addresses) and report to OFAC. Strict liability applies, with no crypto exceptions.
EU/UN: Integrated into MiCA and Italian AML rules; screening prevents dealings with sanctioned parties, with Travel Rule enhancing controls for crypto transfers.
EU Consolidated Financial Sanctions List
OFAC SDN List (including crypto addresses)
UK HMT, Canadian OSFI (for global compliance)
MiCA Regulation: EU Regulation 2023/1114 – https://eur-lex.europa.eu/eli/reg/2023/1114/oj
Italian MiCA Decree: Legislative Decree no. 129/2024 – https://www.gazzettaufficiale.it/ (search decree)
Travel rule data collection in progress.
Tax reporting data collection in progress.
Custody regulation data collection in progress.
No verified facts yet. 2 unverified fact(s) in explorer
Securities classification data collection in progress.
Sanctions data collection in progress.
No verified facts yet. 3 unverified fact(s) in explorer
Likely AML/CFT regulation update expected around 2026-08-08
Based on 62 historical regulatory events for Italy, averaging every 27 days, with increasing regulatory activity.
Fines up to €5 million or 3% of annual turnover for companies
Post-MiCA (from June 30, 2025): Licensing regime via CASP authorization; single EU passporting allows operation across member states without per-country re-licensing. Transitional grace until Dec 30, 2025, for existing operators.
EU Consolidated Financial Sanctions List
EU Sanctions: https://data.europa.eu/data/datasets/consolidated-list-of-persons-groups-and-entities-subject-to-eu-financial-sanctions?locale=en
OFAC SDN: https://sanctionssearch.ofac.treasury.gov/
Italian Implementation: Legislative Decree 2024 (approved to adapt national legislation to MiCA requirements); Law Decree 95/2025 (extending VASP registration deadlines)
Regulatory Framework Resources: CONSOB maintains an overview and resources page for MiCAR implementation
Bank of Italy (Banca d'Italia): Primary supervisor for stablecoin issuers, focusing on financial stability, systemic risk, and cross-border issuance concerns.
EU Sanctions: https://data.europa.eu/data/datasets/consolidated-list-of-persons-groups-and-entities-subject-to-eu-financial-sanctions?locale=en
OFAC SDN: https://sanctionssearch.ofac.treasury.gov/
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