Italy Compliance Report

Generated 2026-09-22

Partially Regulated

Regulatory Overview

Regulatory Status: Some rules exist but significant gaps; draft legislation or limited guidance
Key Regulator(s): Bank of Italy, Primary Supervisory Authority, Secondary Authority
Primary Legislation: MiCA Regulation (EU) 2023/1114: https://www.boccadutri.com/micar-european-regula, Legislative Decree No. 129/2024: https://www.lightspark.com/knowledge/is-crypto-, Decree No. 218/2024 (effective Jan 1, 2025): https://www.binance.com/en/square/p, Legislative Decree No. 129 (effective September 2024): Transposes EU MiCA into I, Regulation (EU) 2020/803 (MiCA): Establishes a harmonized regulatory framework f, Legislative Decree 231/2007: Provides a legal basis for administrative liability, Italy - Cryptocurrency Laws and Regulation -- https://freemanlaw.com/cryptocurre, Expert Guide on Crypto Regulation in Italy by CMS -- https://cms.law/en/int/expe, MiCA Regulation and CASP License Guide: Italy & ... -- https://arnonesicomo.com/
Travel Rule: Adopted — Threshold: Implemented

Key Facts

aml 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. EU Consolidated Financial Sanctions List
enforcement Fines up to €5 million or 3% of annual turnover for companies Suspension or revocation of business authorization Up to €700,000 for individuals
general The assets of any other CASP customer All other assets of the CASP itself E-money tokens (EMTs): Pegged to a single fiat currency and provide holders with redemption rights at par value. Only EMTs may be marketed as "electronic money." Asset-referenced tokens (ARTs): Backed by multiple currencies or commodities and subject to stringent reserve and risk-management rules. EMTs must be fully backed with high-quality, liquid assets. ARTs must comply with stringent reserve and risk-management rules per MiCA and EBA RTS, including specific requirements for composition, liquidity, custody, and concentration limits. Regular reserve attestations and audited financial statements are mandatory. "Significant" tokens face enhanced reporting and stress-testing requirements.
licensing 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.
securities Licensing regime for CASPs: Any entity providing crypto-asset services (custody, trading, exchange, portfolio management, advice, transfer services) to EU clients must obtain a CASP license from the competent authority of its home Member State. EU passporting rights: A MiCA license is valid across all EU/EEA Member States, including Italy, without separate national authorizations. Interaction with TUF/CONSOB: For crypto-assets that qualify as "financial instruments" under MiFID II (e.g., tokens representing shares, bonds, or derivatives), MiCA does not apply. These assets remain subject to TUF, CONSOB authorization, and existing EU securities legislation. This creates a dual-track regime whereby the regulatory classification of the token determines the applicable framework. Italian competent authority: CONSOB and Banca d'Italia are expected to be designated as the competent authorities for MiCA supervision in Italy, with CONSOB handling transparency and market conduct, and Banca d'Italia overseeing prudential matters and payment-related crypto services. Ensuring transparency and correct behavior by financial market participants; Overseeing disclosure of complete and accurate information to the investing public by listed companies; Verifying accuracy of facts represented in prospectuses related to offerings of transferable securities; Conducting investigations into potential infringements of insider dealing and market manipulation law — directly relevant to digital asset trading and securities;
stablecoin 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
status Autorità per le Garanzie nelle Comunicazioni (AGCOM): Regulates digital services and crypto-assets in Italy. Website: AGCOM Banca d'Italia: Oversees financial stability and implements AML/CFT measures for crypto assets. Website: Banca d'Italia Regulation (EU) 2020/803 (MiCA): Establishes a harmonized regulatory framework for crypto-assets across the EU, effective from July 2024. Italy transposed MiCA into national law via Legislative Decree No. 92/2023. MiCA Regulation Decreto Legge 62/2023: Implements MiCA provisions in Italy, detailing licensing and compliance obligations for crypto-asset service providers. Decreto Legge 62/2023 Legislative Decree 231/2007: Provides a legal basis for administrative liability and internal control systems for financial institutions, extended to crypto-asset service providers. Legislative Decree 231/2007 FATF Membership: Italy is a member of the Financial Action Task Force (FATF), aligning its crypto-regulatory stance with international standards. FATF Membership Crypto-Asset Service Providers (CASP) offering services such as exchange, custodial services, and issuance of crypto-assets are required to obtain a CASP license under MiCA. MiCA Regulation Minimum Capital: The Banca d'Italia mandates a minimum capital of €10 million for CASP license applicants, ensuring financial stability. Banca d'Italia
travel rule Crypto-assets are legal in Italy, and the regulatory framework is now fully operational under the EU's Markets in Crypto-Assets Regulation (MiCAR), with Regulation (EU) 2023/1114 fully applicable since 30 December 2024 and rules on EMTs and ARTs effective since 30 June 2024 Banca d’Italia - Regulation (EU) 2023/1114 on Markets in Crypto-assets (MiCAR). Communication by the Bank of Italy As of 30 June 2026, Italy has authorized 8 CASPs (CheckSig S.r.l., Conio S.r.l., CryptoSmart S.p.A., Hercle S.r.l., Hodlie S.r.l., Olliv Italia S.r.l., Riv Digital S.r.l., and Young Platform S.p.A.), with one banking intermediary, Banca Sella S.p.A., having submitted a notification to provide crypto-asset services Transitional period under the MiCA Regulation on crypto-assets ends: 9 entities authorised in Italy - Joint press release by Consob and the Bank of Italy - CONSOB AND ITS ACTIVITIES - CONSOB The practical reality is that crypto-asset service providers without MiCAR authorization must cease activities in Italy as of 1 July 2026, except for orderly closure of existing client relationships, making authorization a mandatory requirement for continued operation Transitional period under the MiCA Regulation on crypto-assets ends: 9 entities authorised in Italy - Joint press release by Consob and the Bank of Italy - CONSOB AND ITS ACTIVITIES - CONSOB All operators authorized in Italy are entered in the Register of crypto-asset service providers maintained by ESMA and may offer services across all EU countries under the "European passport" regime Transitional period under the MiCA Regulation on crypto-assets ends: 9 entities authorised in Italy - Joint press release by Consob and the Bank of Italy - CONSOB AND ITS ACTIVITIES - CONSOB The Bank of Italy (Banca d'Italia) is the Italian Republic's central bank and pursues aims of general interest in the monetary and financial sector, operating within the Eurosystem alongside the European Central Bank Banca d’Italia - Legal framework The Italian Companies and Stock Exchange Commission (CONSOB) is designated alongside the Bank of Italy as a competent authority under MiCAR Banca d’Italia - Regulation (EU) 2023/1114 on Markets in Crypto-assets (MiCAR). Communication by the Bank of Italy The Bank of Italy supervises the transparency, fair conduct, and protection of EMT holders in relation to their issuance, limited to EMT issuers Banca d’Italia - Regulation (EU) 2023/1114 on Markets in Crypto-assets (MiCAR). Communication by the Bank of Italy The Financial Intelligence Unit is listed as a related site of the Bank of Italy, indicating its role in the AML framework Banca d’Italia - Regulation (EU) 2023/1114 on Markets in Crypto-assets (MiCAR). Communication by the Bank of Italy

Sources

This report is AI-generated from publicly available regulatory sources. Last updated: 2026-09-06. View full profile