Italy crypto license 2026 — CONSOB CASP authorisation
Italy runs a split-supervisor CASP regime under MiCA and Legislative Decree 129/2024. CONSOB leads on conduct and consumer protection; Banca d'Italia covers prudential and AML. OAM-registered firms that had not applied by 30 December 2025 had to stop; applicants could continue to 30 June 2026.
Last reviewed by the Crypto Law Index editorial desk
The Italian split-supervisor model
Italy built its MiCA implementation around a split-supervisor model. Legislative Decree 129/2024, Italy's MiCA adaptation decree, divides CASP supervision between two authorities (Arts 16-17). 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 runs the authorisation process and is the formal counterparty for the file; under Article 16(1) it authorises after hearing the Banca d'Italia, which reviews the prudential and AML components. 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 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. Decree-Law 95/2025 then split the outcome: OAM-registered firms that had applied for CASP authorisation by 30 December 2025 could continue until 30 June 2026, and those that had not applied had to stop on 30 December 2025. Both dates have passed, 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, effective management, and in practice an Italian-resident senior manager and Italian-speaking compliance and conduct contacts are expected; MiCA itself requires one EU-resident director. Governance follows 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 and Legislative Decree 129/2024, which makes CONSOB the authorising authority after an opinion of the Banca d'Italia (Art. 16).
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 (Arts 16-17 on authorisation and supervision) |
| 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 provider register. Non-applicants had to stop on 30 December 2025; firms that applied by then could continue until 30 June 2026 (D.Lgs. 129/2024 art. 45 as amended by D.L. 95/2025) |
| Statutory clock | 40 working days from a complete file to decision under MiCA Article 63(9); one information request can suspend it for up to 20 working days |
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?
Not for long. Registered firms had to file a CASP application by 30 December 2025 or stop. Those that filed could keep operating until 30 June 2026, under an extension made by Decree-Law 95/2025.
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 MiCA clock of 40 working days, 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
Advisers recommend preparing the file and client-facing materials in Italian; check CONSOB's current instructions on the language of the application and annexes before drafting. 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 licence. The CASP application required the full 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, enforced by the competition and consumer authority AGCM (including misleading advertising), applies alongside CONSOB's supervision of MiCA marketing rules, so marketing to Italian consumers has to satisfy both.
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 + Legislative Decree 129/2024 (Italian MiCA adaptation decree). Visit www.consob.it/web/area-pubblica/sezione-micar for the regulator's official guidance, application forms, and supervisory expectations.
For where every EU and EEA state stands — its authority, its national act and when its transitional period ended — see the MiCA implementation tracker.