Italy crypto license 2026 — CONSOB CASP authorisation
Italy runs a split-supervisor CASP regime under MiCA, transposed by Legislative Decree 129/2024. CONSOB leads on conduct and consumer protection; Banca d'Italia covers prudential and AML. The OAM pre-MiCA register wound down on 30 December 2025, with suspicious-transaction reports filed to UIF.
The Italian split-supervisor model
Italy built its MiCA implementation around a split-supervisor model. Legislative Decree 129/2024 amended the Italian Consolidated Financial Act (TUF) to divide CASP supervision between two authorities. CONSOB, the securities-market regulator, takes conduct, consumer protection, market integrity, marketing communications, and the operation of trading platforms. Banca d'Italia, the central bank, takes prudential matters — own-funds requirements, governance, ICT risk management — and AML/CFT compliance.
The two coordinate. CONSOB chairs the authorisation process and is the formal counterparty for the file; Banca d'Italia reviews the prudential and AML components in parallel. They meet on each material file and produce a joint supervisory recommendation that informs CONSOB's decision. The model mirrors Italy's broader supervision architecture, where Banca d'Italia supervises banks, CONSOB supervises securities markets, and the two coordinate on the overlap.
The OAM register and its wind-down
Before MiCA, Italy ran a substantive crypto-asset register through the OAM (Organismo degli Agenti e dei Mediatori), the body that historically supervised financial agents and brokers. The OAM crypto-asset register required registration of all providers operating in Italy under an AML-focused framework, and it absorbed a sizable portion of the Italian crypto-asset industry.
When MiCA took effect, the register was given a sunset date of 30 December 2025. OAM-registered entities had until that date to file a CASP application with CONSOB; those that did not file lost the right to keep operating. By 2026 the register has wound down and CONSOB is in steady-state MiCA mode, with new entrants filing fresh CASP applications.
What CONSOB and Banca d'Italia expect
Substance has to sit in Italy. A registered office, at least one senior manager resident in the country, and Italian-speaking compliance and conduct contacts are all expected, and both supervisors have been clear that letterbox arrangements are not acceptable. Governance follows the TUF's investment-firm-style expectations: a management body sized for the planned business, independent directors for larger files, and a three-lines-of-defence framework.
On the prudential side, Banca d'Italia draws on its banking-supervision experience to review the capital calculation in detail and expects the ICT framework to align with DORA. Client-facing materials must be in Italian for Italian-targeted services, and suspicious-transaction reports go to UIF — one of the more demanding EU FIUs on report volume and quality. CASPs design their monitoring with UIF expectations in mind.
Italy's CASP authorisation is the licence granted by Commissione Nazionale per le Società e la Borsa (CONSOB), in coordination with Banca d'Italia, under MiCA Regulation (EU) 2023/1114 Articles 59 and 63, transposed via Legislative Decree 129/2024 amending the Italian Consolidated Financial Act (TUF).
Fast facts
| Parameter | Value |
|---|---|
| Competent authorities | CONSOB (conduct, consumer protection, market integrity) + Banca d'Italia (prudential supervision, AML) |
| Legal basis | MiCA Regulation (EU) 2023/1114 + Legislative Decree 129/2024 amending the TUF |
| Initial capital | €50,000 / €125,000 / €150,000 by Class 1 / 2 / 3, MiCA Annex IV |
| AML supervisor | Banca d'Italia, with suspicious-transaction reports filed to UIF (Unità di Informazione Finanziaria) |
| Pre-MiCA register | OAM Crypto-Asset Service Provider Register — wound down with effect from 30 December 2025 |
| Statutory clock | Five months from a complete file to decision under MiCA Article 63 |
Top counsel for Italy CASP work
Firms below are ranked according to the published CLPAI methodology. Featured selections cover firms with documented Italy engagement, regardless of where they are headquartered.
Frequently asked questions about Italy CASP authorisation
Who supervises CASPs in Italy under MiCA?
Two authorities. CONSOB covers conduct, consumer protection, and market integrity; Banca d'Italia covers prudential supervision and AML/CFT. They operate under a coordinated regime, with CONSOB chairing the licensing process.
Did Italy's OAM register stay open after MiCA?
No. The OAM register wound down with effect from 30 December 2025. Registered entities had until that date to file a CASP application or lose the right to keep operating.
How long does CONSOB CASP authorisation take?
Seven to ten months end-to-end for a complete first-time file. The split-supervisor model adds coordination time on top of the standard five-month MiCA clock, and Italian translation extends the pre-clock period.
Is Italy a passporting hub or a domestic-market jurisdiction?
Domestic-market primarily. Italian CASPs typically focus on the Italian consumer base — the language, the Italian payments infrastructure, and the close UIF AML relationship favour Italy-based service over wide cross-border passporting.
Pitfalls and nuances in Italy
1 Underestimating the coordination overhead between CONSOB and Banca d'Italia
The split-supervisor model runs two supervisory dialogues in parallel during the application — CONSOB on conduct and consumer protection, Banca d'Italia on prudential and AML. They coordinate but keep separate document trails and separate information requests, so plan for a heavier dossier than a single-supervisor jurisdiction would require.
2 Filing without Italian-language capacity
The TUF requires application materials in Italian. Articles of association, internal policies, the AML manual, the ICT framework, and consumer-protection materials all need certified Italian translations, and financial-services translation of a substantial file is a multi-week undertaking.
3 Treating the OAM register as transferable to CASP authorisation
An OAM registration was a procedural AML registration, not a substantive licence. The CASP application required the full substantive file. The transitional regime offered operational continuity for OAM-registered entities, not a presumption of authorisation.
4 Overlooking the Italian consumer-protection layer
Italian consumer law applies on top of MiCA. The Italian Consumer Code, AGCOM's general advertising rules, and CONSOB's specific crypto-asset marketing guidance all layer onto the MiCA conduct framework, so marketing to Italian consumers means complying with all three rulebooks.
5 Underestimating UIF reporting expectations
Italy's UIF is one of the more demanding EU FIUs on suspicious-transaction reporting volume and quality. CASPs operating in Italy file STRs to UIF and the agency engages on report quality, so transaction-monitoring design needs to be informed by UIF expectations, not just the EU baseline.
Practitioners in Italy
Named lawyers from the Crypto Law Index practitioners directory whose jurisdictional coverage includes Italy. Editorial picks, sourced from public records.
Regulator and primary sources
The supervisor of CASP authorisations in Italy is Commissione Nazionale per le Società e la Borsa (CONSOB), in coordination with Banca d'Italia. The legal basis is MiCA Regulation (EU) 2023/1114, transposed in Italy via Legislative Decree 129/2024 (TUF amendments). Visit www.consob.it/web/area-pubblica/mica for the regulator's official guidance, application forms, and supervisory expectations.