Italy -- Regulatory Status Regulatory Overview

Italy has a comprehensive regulatory approach to cryptocurrencies and virtual assets, fully aligned with the EU's Markets in Crypto-Assets (MiCA) framework, making crypto legal and regulated since exiting a prior gray area.[1][4]

Regulatory Approach

Italy implements a comprehensive framework for crypto-assets, covering issuance, trading, and services with rules for investor protection, market integrity, financial stability, and anti-money laundering (AML).[1][4] This stems from national adoption of EU MiCA, eliminating previous uncertainties.[1]

Primary Regulatory Bodies

• Consob (Commissione Nazionale per le Società e la Borsa): Oversees investor protection and market integrity; authorizes crypto-asset service providers (CASPs) for most crypto-assets (excluding asset-referenced tokens (ARTs) and e-money tokens (EMTs)).[1][4]
• Bank of Italy (Banca d'Italia): Authorizes issuance of ARTs and EMTs; handles prudential supervision, financial stability, and AML compliance for CASPs.[1]

CASPs require formal authorization from these bodies before operating.[1]

Key Legislation

• 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 protection.[1] Related EU frameworks like MiCA (enforceable EU-wide), Travel Rule, AMLD, DORA (from January 2025), and CARF (targeting 2026 adoption) influence implementation.[4] The 2026 Budget Law introduces tax reforms for crypto but does not alter the core regulatory structure.[2][3]

Stance on Crypto Trading and Exchanges

Crypto trading and exchanges are permitted under strict supervision: CASPs must obtain authorization from Consob or Bank of Italy, comply with prudential rules, AML, and investor safeguards like asset segregation.[1][4] No bans exist; the focus is on regulated operations for stability and protection.[1]

Note: Search results lack official Italian government URLs; references are to secondary analyses. For primary sources, consult Consob (https://www.consob.it) or Bank of Italy (https://www.bancaditalia.it).[1] Tax changes via 2026 Budget Law (pending parliamentary review) address gains (e.g., potential 33% rate from 2026) but are separate from trading regulation.[2][3]