Stablecoin issuer / redeemer in Italy
Issues a fiat-pegged stablecoin to the public, operates redemption, and holds reserves backing the float.
Stablecoin issuer is conditionally permitted in Italy with a local entity, subject to AML obligations and high licensing burden.
Verdict Details
- Permitted
- conditional
- Local entity required
- Yes
- Licensing burden
- High
- Last updated
- 2026-07-13
AML Obligations
- Full AML/KYC compliance mandatory under Legislative Decree No. 231/2007 (Italian AML/CFT framework transposing EU AML Directives).
- Travel Rule (information accompanying transfers of crypto-assets) applies to stablecoin transfers.
- Suspicious Activity Reporting (SAR) to Italian Financial Intelligence Unit (UIF).
- Transaction monitoring systems required.
- OFAC sanctions screening required for any US nexus — strict liability for transactions involving SDN-listed persons/crypto addresses.
- EU/UN consolidated sanctions list screening mandatory for all transactions.
- Registration with OAM (Organismo per la Gestione degli Elenchi di Agenti e Mediatori) VASP Register required even post-MiCA.
- Customer due diligence (CDD) and beneficial ownership verification required under EU AML Directives transposed into Italian law.
Key Restrictions
- EMTs (fiat-referenced stablecoins) must be fully backed with high-quality, liquid assets at all times.
- ARTs (multi-asset/commodity referenced stablecoins) subject to stringent reserve and risk-management rules under MiCA.
- Issuance of stablecoins requires authorization from the Bank of Italy (for ARTs and EMTs) as competent authority.
- Capital requirements of €50,000–€150,000 minimum, scaled by services/risks.
- Asset segregation and consumer protection rules apply under MiCA and Italian implementation (Legislative Decree No. 129/2024).
- Redemption rights: EMT and ART holders must be granted redemption rights at par value (for EMTs) or at market-related value (for ARTs) on demand, per MiCA requirements.
- Governance requirements: transparent ownership, board with finance/compliance experience, independent compliance/audit functions, fit-and-proper assessments.
- Foreign-issued stablecoins (third-country issuers) are not automatically permitted — they require an authorized EU entity or passporting from another EU member state under MiCA.
Key Risks
- Regulatory ambiguity during transitional period (until June 30, 2025 for new ops, Dec 30, 2025 extension) — operators moving from pre-MiCA registration to full CASP authorization.
- Bank of Italy and CONSOB dual supervision creates overlapping compliance burdens for stablecoin issuers.
- Strict liability under OFAC sanctions — Italian issuers with US counterparties or USD reserve exposure may face extraterritorial enforcement.
- Reserve composition requirements (high-quality liquid assets) may limit yield on reserves, impacting business model economics.
- Cross-border stablecoins (e.g., USDC, USDT) face scrutiny — issuer must have MiCA-compliant EU entity or partner.
Evidence
This verdict synthesizes the following facts. Each fact links to its primary source(s).
E-Money Tokens (EMTs): Fiat-referenced stablecoins that must be fully backed with high-quality, liquid assets
Asset-Referenced Tokens (ARTs): Stablecoins referenced to multiple assets or commodities, subject to stringent reserve and risk-management rules
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
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.
Primary Legislation: Regulation (EU) 2023/1114 — Markets in Crypto-Assets (MiCA)
Italian Implementation: Legislative Decree 2024 (approved to adapt national legislation to MiCA requirements); Law Decree 95/2025 (extending VASP registration deadlines)
Primary Supervisory Authority: Bank of Italy (financial stability, systemic risk, cross-border issuance)
Secondary Authority: CONSOB (securities-related aspects, investor protection, MiCAR disclosure compliance)
Bank of Italy (Banca d'Italia): Authorizes issuance of ARTs and EMTs; handles prudential supervision, financial stability, and AML compliance for CASPs.
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.
CONSOB: Oversees securities-related aspects and ensures investor protection compliance with MiCAR disclosure rules.
Primary national law: Legislative Decree No. 231/2007, the core Italian AML/CFT framework, transposed from EU AML Directives (e.g., 2015/849 as amended by 2018/843), covering prevention of money laundering and terrorist financing via the financial system.
Legislative Decree No. 129/2024 (effective September 2024), aligning with EU MiCAR for CASP authorization and operations.
Legislative Decree No. 204/2024 (December 2024), amending AML Law to formally include CASPs.
Ministerial Decree (January 17, 2022), requiring registration with OAM for virtual currency services (e.g., exchanges, e-wallets) operating in Italy, implementing EU rules on virtual assets.
EU alignments: 5th AMLD (2018/843) and TFR recast extend rules to virtual assets and wallet providers.
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.
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)
OAM VASP Register: https://www.organismo-am.it/
Verdict Attribution
- Source:
- AI-Generated · Unreviewed
- AI synthesized:
- 2026-07-13 (deepseek-chat)
- Last updated:
- 2026-07-13
- Confidence:
- high
This verdict was produced by an AI model from the underlying facts. Confirm with counsel before relying on it for material decisions.
Conditional — stablecoin issuance (EMTs/ARTs) is permitted in Italy under MiCA, but requires Bank of Italy authorization, full compliance with reserve composition/segregation rules, redemption rights for holders, and establishment of an EU entity (passporting available); transitional regime applies until mid-2025.
Questions this verdict aims to answer
- What e-money or banking license is required to issue?
- What reserve composition, segregation, and audit rules apply?
- What redemption rights must be granted to holders?
- Are foreign-issued stablecoins permitted for use locally?