--- title: "Italy Crypto Regulation Monitor | cryptoassets.gi" canonical: https://cryptoassets.gi/jurisdictions/italy-crypto-digital-asset-regulation/ source_html: /jurisdictions/italy/index.html description: "Italy crypto asset regulation: 9 categories, 54 sourced findings, updated 2026-11-03. Licensing, token classification, stablecoins, tax treatment." generated_at: 2026-11-07T14:19:44Z content_sha256: e44722c7b3a92e41906c39ff9f976809706cfa7dfd7d91f2ad77bc11c1460c85 generator: "fe-fleet/md-twin@1.0" --- # Italy Crypto & Digital Asset Regulation schema crypto-v2.0.0 trajectory: not yet assessed regulated overlaps: [Sentinel (AML/CFT)](https://sentinel.gi/jurisdictions/italy/), [World Payments](https://payments.gi/jurisdictions/italy/) Last updated 2026-11-03 · 9 categories · 54 sourced findings · 92 sources in the cumulative register Download report (PDF) Expand all Evidence re-verified: 2026-11-03 · Position last changed: 2026-11-03 · Record history & provenance ▾ Methodology & record provenance: Module confidence is derived from the underlying claims (source tier and primary excerpt retention), while statutory legal force is tracked independently. Review status: AI-synthesised · Tier-1/2 verified · As-of date: 2026-10-26 [Open in Co-Pilot ↗](/reports/?type=copilot&j=ITALY)[Build Report](/reports/?j=ITALY)[Compare](/compare/?j=ITALY) Framework posture Regulated 8 of 9 modules populated · AI-synthesised · Tier-1/2 verified Lead supervisory authority The Block Primary statutory & supervisory perimeter Next milestone (> 2026-10-26) None scheduled No dated future statutory milestone on record Module coverage & confidence 8 / 9 modules assessed 0 Confirmed · 8 Probable · 0 Uncertain · 1 Not yet assessed 9 Categories 0 Moved this cycle 0 Key judgments 2 Open gaps 54 Findings 11 Tier-1 sources Confidence mix 9 unpopulated (sums to 9 rendered categories; click to filter) No categories moved this cycle. Law made at European Economic Area (Bloc) level that applies in Italy is covered once, on the [European Economic Area (Bloc)](/jurisdictions/european-economic-area-bloc/) page. This page covers Italy’s own layer: implementation, national authorities, national options and local enforcement. ## Jurisdiction lead brief ###### Latest update · 25 October 2026 #### Lead Signal Italy's crypto-asset licensing track continued to add entrants this period, with CONSOB authorising YouHodler Italy S.r.l. as a crypto-asset service provider under MiCA by Resolution no. 24156 of 8 October 2026. The authorisation, granted after CONSOB heard Banca d'Italia, covers custody and administration of crypto-assets, exchange of crypto-assets for funds and for other crypto-assets, order execution, and transfer of crypto-assets. This continues the pattern established since Italy's national transitional window for legacy OAM-registered virtual-asset service providers closed on 30 December 2025, under which CONSOB sits as lead national competent authority for CASP authorisation, consulting Banca d'Italia, pursuant to Legislative Decree 129/2024. #### Other Developments No material change was identified across token classification, on-chain activity, the stablecoin regime, consumer protection, tax treatment, cross-border transfer rules, the AML/CFT regime as it bears on crypto, or crypto-sector commercial activity for Italy this period. The standing position on tax treatment (a 33 percent substitute tax on crypto capital gains from 2026, and a 26 percent rate applicable to euro-denominated e-money tokens) and Banca d'Italia's guidance that no de minimis threshold applies to sanctions and travel-rule screening for crypto-asset service providers and payment service providers both continue to stand without amendment identified this period. #### Cross-Monitor Connections The YouHodler authorisation and the broader CASP licensing track sit adjacent to Italy's payments and financial-integrity oversight architecture: Banca d'Italia's sanctions-screening expectations for crypto transfers, and its role as the authority consulted on CASP authorisations, link this development to the anti-money-laundering supervisory perimeter tracked elsewhere. No crypto-specific financial-integrity enforcement action was identified this period. #### Outlook The CASP authorisation track under MiCA and Legislative Decree 129/2024 is expected to continue adding entrants as further applicants complete CONSOB's authorisation process following the close of the national transitional period. No near-term change to Italy's token-classification, stablecoin, consumer-protection, tax or cross-border-transfer settings has been identified for the period ahead. 6 earlier updates not shown here. ###### Standing brief · as of 25 August 2026 Written before the update above. Where they differ, the update is the more recent position. #### Lead Signal Italy's crypto-asset regulatory perimeter reached full operative maturity this cycle with the close of the eighteen-month MiCAR transitional regime on 30 June 2026. From 1 July 2026, only CONSOB-authorised crypto-asset service providers — eight entities identified in the 30 June joint CONSOB/Banca d'Italia communiqué, including CheckSig, Conio, CryptoSmart, Hercle, Hodlie and Olliv Italia — or CASPs passported from elsewhere in the EU may lawfully serve Italian clients; providing crypto-asset services to EU clients without that authorisation is now a violation of EU law. This consolidation lands alongside a parallel tightening of Italy's tax and sanctions-screening obligations for the same population of firms. #### Other Developments Token classification guidance adopted. CONSOB adopted ESMA-developed guidelines in 2026 introducing a classification system that distinguishes regulated-financial-instrument tokens from lighter-touch MiCA categories, though token-by-token application to the Italian market remains an evolving supervisory practice. Stablecoin regime unchanged in structure, sharper in screening. MiCA's directly-applicable asset-referenced-token and e-money-token issuance regime continues to govern stablecoin issuance in Italy, with no Italy-domiciled significant issuer identified this cycle. The EU's 20th sanctions package, effective 24 May 2026, designated the Russian state-linked A7A5 stablecoin as a sanctions-evasion vehicle and banned transactions with Russian- and Belarusian-established crypto-asset service providers, a designation that bears directly on the screening obligations of Italy's newly-consolidated CASP population even absent any domestic issuer exposure. DAC8 tax-reporting operational. Legislative Decree No. 194 of 10 December 2025 transposed the EU's DAC8 directive into Italian law, operational since January 2026, with the Agenzia delle Entrate issuing implementing rules on 22 June 2026 requiring CASPs to collect client tax-code data and report exchange and transfer transactions. #### Cross-Monitor Connections The EU sanctions package's crypto-specific measures sit squarely at the intersection of this monitor's licensing and stablecoin coverage and the financial-integrity monitor's sanctions-architecture domain and beneficial-ownership work; any Italian CASP with Russian or Belarusian counterparty exposure now carries a live screening duty under both frameworks simultaneously. The consolidation of Italy's CASP population to eight CONSOB-authorised firms is also a structural fact relevant to the world-payments monitor's stablecoin and digital-money coverage, since it defines the addressable set of licensed digital-asset counterparties operating in the Italian payments landscape. #### Outlook Watch for whether the ninth entity referenced in Banca d'Italia's 30 June bulletin is formally added to the CONSOB register, and for how the eight authorised CASPs operationalise A7A5 and Russian/Belarusian-CASP screening now that the sanctions prohibition is in effect. Token-by-token classification practice under the newly-adopted ESMA-based guidelines is also likely to sharpen over the coming cycles as CONSOB applies it to specific instruments circulating in the Italian market. Read full brief · 767 words Key regulatory facts for Italy Regulatory Dimension Italy Standing Position Jurisdiction Italy (IT) Regulatory Scope Crypto & Digital Asset Regulation (9 modules, 54 sourced findings) Crypto Licensing CONSOB, having heard Banca d'Italia, authorised YouHodler Italy S.r.l. Token Classification Italy applies MiCA's EU-wide token taxonomy directly (asset-referenced tokens (ART), e-money tokens (EMT), and other/utility crypto-assets), with no bespoke Italian sub-classification regime identified. On-Chain Activity Regime No bespoke Italian legal regime specifically addressing staking, DeFi lending, DEX operation, mining, node operation or validation was identified beyond MiCA's CASP service-category coverage (custody, exchange,... Stablecoin Regime Stablecoins (EMT/ART) are regulated directly under MiCA Titles III/IV. Primary Instruments Cited The Block, ESMA, CoinDesk, ESMA, YouHodler Italy S.r.l. Last Confirmed / Updated 2026-11-03 (92 sources in cumulative register) 9 of 9 categories Signal Moved Judgment Gap Density Comfortable Compact Expand all sources Reset all Selections OR within a group, AND across groups. Press / to search. ### Italy: C1 Crypto LicensingAmberEnacted in forceModule confidence: Probable▾ CONSOB, having heard Banca d'Italia, authorised YouHodler Italy S.r.l. as a MiCA CASP via delibera n.24156 of 8 October 2026 (announced 13 October 2026), the ninth such authorisation since the 30 June 2026 end of the OAM/VASP transitional regime. Open gap — crypto-int-1 Full text of CONSOB Resolution 24156/2026 (YouHodler Italy authorisation) was not retrieved this cycle; reliant on two T3 secondary press summaries. no under-indexing note recorded #### Crypto Licensing Italy's MiCAR transitional regime for crypto-asset service providers closed on 30 June 2026, marking the end of an eighteen-month transition period. From 1 July 2026, providing crypto-asset services to EU clients without CASP authorisation, or an equivalent passported authorisation, constitutes a violation of EU law in Italy. CONSOB is the lead national competent authority authorising specialised CASPs in Italy, acting with the opinion of Banca d'Italia. As of the 30 June 2026 joint CONSOB/Banca d'Italia communiqué, eight CASPs had been authorised, including CheckSig, Conio, CryptoSmart, Hercle, Hodlie, and Olliv Italia. The regime is now fully operative and enforced, with a clean transition cut-off rather than a rolling grandfathering arrangement. #### Outlook Whether the ninth entity referenced in Banca d'Italia's 30 June bulletin headline has been formally added to the CONSOB register with a confirmed name and date remains unresolved and should be checked next cycle. Read full sub-brief · 146 words Periodic update · new data 2026-10-25 #### Crypto Licensing CONSOB, acting as Italy's lead national competent authority for crypto-asset service provider authorisation under Regulation (EU) 2023/1114 (MiCA) as implemented by Legislative Decree 129/2024, authorised YouHodler Italy S.r.l. as a crypto-asset service provider by Resolution no. 24156 of 8 October 2026, after hearing Banca d'Italia as required under the designated consultation procedure. The authorisation covers custody and administration of crypto-assets on behalf of clients, exchange of crypto-assets for funds and for other crypto-assets, order execution on behalf of clients, and transfer of crypto-assets. This authorisation is corroborated by two independent press sources reporting consistently on the resolution number, date and scope of permitted activities; the full text of the CONSOB resolution itself was not independently retrieved this period, so the account rests on secondary reporting. The authorisation continues a growing cohort of CASPs licensed in Italy following the close, on 30 December 2025, of the twelve-month national transitional period during which legacy OAM-registered virtual-asset service providers were required to obtain MiCA authorisation or cease operating. Legislative Decree 129/2024 is the implementing instrument that both designates CONSOB as lead authority (consulting Banca d'Italia) and fixed that transitional deadline. No enforcement action, licence refusal, or revocation was identified in Italy's crypto-licensing track this period; the signal is one of continued, orderly expansion of the authorised CASP population under a settled framework rather than contraction or tightening. #### Outlook Further CASP authorisations are expected to follow as applicants that registered interest during or after the transitional period complete CONSOB's review process. The framework itself -- MiCA as implemented by Legislative Decree 129/2024, with CONSOB as lead authority and Banca d'Italia as consultee -- shows no signs of near-term amendment. The principal evidentiary gap is that the underlying CONSOB resolution text for the YouHodler authorisation has not been independently retrieved, so the precise conditions attached to the licence beyond the four permitted activity categories reported remain unconfirmed. 6 earlier distinct update(s) Periodic update · new data 2026-10-18 #### Crypto Licensing CONSOB, Italy's securities regulator, requires crypto-asset service provider authorisation under MiCA to provide custody or administration of crypto-assets on behalf of clients, exchange of crypto-assets for funds or for other crypto-assets, execution of orders, and transfer-of-crypto-asset services in Italy. CONSOB grants this authorisation after hearing Banca d'Italia, consistent with the dual-regulator structure established under d.lgs. 129/2024, Italy's MiCA implementing decree. On 8 October 2026, by delibera n.24156, CONSOB authorised YouHodler Italy S.r.l. as a crypto-asset service provider with a broad-scope grant covering all of the activities listed above. This authorisation, announced 13 October 2026, is reported as the ninth such CASP authorisation granted since the end of Italy's OAM/VASP transitional regime on 30 June 2026. The pace of nine authorisations in roughly three and a half months since the transitional regime's end indicates a functioning authorisation pipeline rather than a backlog or bottleneck, and is consistent with an orderly transition from Italy's prior national VASP registration regime (administered by the OAM) to the harmonised MiCA CASP framework. The underlying CONSOB delibera itself was not independently retrieved from consob.it this cycle; the finding rests on secondary press and business-wire reporting of the delibera number, date, and scope, which should be treated as probable rather than confirmed pending direct verification against CONSOB's own public register of authorised entities. No change to the authorisation regime's statutory basis, procedural requirements, or the CONSOB/Banca d'Italia dual-regulator structure was identified this cycle; the regime itself is stable, and this cycle's development is a routine instance of that regime being applied to a new applicant. #### Outlook The principal item to confirm next cycle is the YouHodler authorisation's terms directly against CONSOB's public register, which would move this finding from probable to confirmed. Beyond that single confirmation, watch for whether the authorisation pace of roughly one CASP grant per two weeks continues, which would suggest Italy's transitional-regime backlog of VASP-to-CASP conversions is being cleared at a predictable and sustainable rate. Periodic update · new data 2026-10-11 #### Crypto Licensing Italy's MiCA-based crypto-asset licensing regime passed a further incremental milestone this cycle. As of 8 October 2026, nine entities hold CONSOB authorisation as Crypto-Asset Service Providers in Italy, up from eight at the close of the national transitional period on 1 July 2026. The ninth authorisation, granted to YouHodler Italy, was issued via CONSOB Resolution No. 24156 of 8 October 2026, with CONSOB acting in coordination with Banca d'Italia as is standard for CASP authorisations under the joint statutory framework. The transitional period itself, which ended 1 July 2026 under MiCA Article 143(3), required firms previously registered with the OAM (Organismo Agenti e Mediatori) that had not secured full MiCA authorisation in any EU member state by that date to cease business in Italy save for wind-down activities; this was confirmed in the joint CONSOB-Banca d'Italia statement of 30 June 2026. The practical effect is that Italy's crypto-asset licensing landscape is now a single-track regime: MiCA authorisation, granted under Regulation (EU) 2023/1114 as implemented via Legislative Decree No. 129/2024, with CONSOB as the supervisory authority, is the sole lawful basis for crypto-asset service provision in the jurisdiction. The incremental pace of cohort growth, from eight to nine authorised entities in just over three months, suggests an orderly ongoing authorisation pipeline rather than either a stalled backlog or a completed one-off wave. The evidentiary basis for the specific YouHodler Italy authorisation rests on a single T3 press source citing the CONSOB resolution number; the resolution text itself was not directly retrieved this cycle, which should be weighed when relying on the precise authorisation date. #### Outlook The key marker to watch is the continued trajectory of the CASP cohort: whether growth remains incremental, consistent with the pattern observed since the transitional period ended, or whether further legacy OAM-registered firms complete authorisation in a shorter window. Confirmation of CONSOB Resolution No. 24156 against CONSOB's own public record would strengthen the sourcing for this cycle's headline figure. Periodic update · new data 2026-10-04 #### Crypto Licensing Italy's national MiCA transitional regime for legacy virtual-asset service providers closed on 1 July 2026. The legal basis is Legislative Decree 129/2024 Article 45, as amended by Decree-Law 95/2025: OAM-registered VASPs that filed a complete CASP application by 30 December 2025 were permitted to continue operating under the transitional arrangement until the window closed. From 1 July 2026, only entities holding MiCA authorisation directly in Italy, or passported in from another EU Member State under MiCA Article 65, may lawfully provide crypto-asset services to Italian clients. This is confirmed directly by the joint CONSOB and Banca d'Italia statement announcing the transition's closure, which is the competent dual-regulator structure for crypto-asset supervision in Italy — CONSOB handling market-conduct and authorisation matters, Banca d'Italia the prudential dimension. The same joint statement reports the number of newly authorised CASPs as either eight or nine, with the release's own title and body text diverging on this point; the discrepancy has not been resolved by any subsequent publication identified. This leaves Italy with a small and still-settling population of authorised crypto-asset service providers following the transition's closure, a materially different landscape from the broader pool of OAM-registered VASPs that operated under the prior transitional regime. Enforcement against unauthorised crypto-asset activity continues through CONSOB's existing abusivismo-finanziario programme, now supplemented by a MiCA-specific website-blocking power under MiCA Article 94(1)(h). CONSOB's communication of April 2026 reports a cumulative count of 168 crypto-related blocked websites against a total of 1,654 financial-abusivismo blocks issued since the power's introduction in July 2019 under the so-called Decreto Crescita. This indicates that unauthorised crypto-asset activity is treated by CONSOB as one strand within its pre-existing financial-abusivismo enforcement architecture rather than as a freestanding new enforcement category. Separately, no Italy-specific token-classification ruling or guidance beyond direct application of MiCA's own asset-referenced-token, e-money-token and utility-token definitions was identified this cycle; CONSOB appears to treat unauthorised fiat-referenced or investment-type tokens as abusivismo in the absence of a published MiCA-compliant white paper, rather than applying any additional national classification test. #### Outlook The principal open item is resolving the discrepancy between the eight and nine authorised-CASP figures reported in the joint regulator statement, which would clarify the precise size of Italy's newly-authorised population. A second open item is whether any Italian EMT or ART issuer authorisation, as distinct from CASP service authorisation, has been granted or refused; the 30 June 2026 joint statement addressed CASP authorisation only. Custody requirements under MiCA Article 75 and prudential capital requirements under MiCA Article 67 and Annex IV for Italian CASPs were not separately verified this cycle and remain a gap for future confirmation. Periodic update · new data 2026-09-28 #### Crypto Licensing Italy's crypto-asset licensing landscape underwent a hard transition on 1 July 2026, when the MiCA transitional regime for crypto-asset service providers formally ended. Before that date, entities that had registered under Italy's national OAM (Organismo Agenti e Mediatori) framework could continue operating under a grandfathered transitional status while their MiCA authorisation applications were pending. From 1 July 2026, that grandfathering ended: crypto-asset services to EU clients are now reserved exclusively to entities that hold MiCA authorisation as a CASP (crypto-asset service provider) or that are already-supervised financial intermediaries which have formally notified their intention to provide crypto-asset services under the relevant notification procedure. The scale of this transition is significant. As of the joint CONSOB/Banca d'Italia communiqué dated 30 June 2026, Italy's regulators had authorised eight entities as CASPs under MiCA. A ninth entity, Banca Sella, took the notification route available to already-supervised bank intermediaries rather than seeking fresh CASP authorisation, bringing the total qualifying population to nine entities as of the transition date. This stands in sharp contrast to the much larger population of entities that had been registered under the legacy OAM framework, which was itself an AML-driven registration regime rather than a financial-services licence, and therefore carried a materially lower bar for entry than MiCA authorisation now requires. The legal character of the OAM register is worth stating precisely, because it explains why the transition matters as much as it does: OAM registration was never equivalent to a financial licence. It existed to bring virtual-asset service providers within Italy's anti-money-laundering perimeter, not to authorise them to provide regulated financial services to the public in the way that MiCA-based CASP authorisation now does. Consequently, the end of the transitional period is not simply an administrative renewal exercise; it is the point at which a population that had only ever cleared an AML registration bar is now required to clear a substantively higher financial-services authorisation bar, and the great majority of that population has not yet done so, at least based on the nine-entity count captured in the 30 June 2026 communiqué. What has not been resolved, and what constitutes the most significant open question for the licensing module going into the second half of 2026, is the fate of OAM-registered entities that did not secure CASP authorisation or complete the intermediary-notification route by the 1 July 2026 cutoff. Two distinct possibilities exist in principle: such entities could be required to wind down their crypto-asset-service activity entirely, ending client-facing operations in Italy; or they could be permitted to continue in some narrower capacity, for instance limited to facilitating self-custodied transfers that do not constitute a regulated crypto-asset service under MiCA's own scope. Neither outcome was confirmed in the sources available this cycle, and this gap has direct commercial consequences for any operator that held OAM registration without having yet obtained MiCA authorisation as of the cutoff date. A related structural point concerns the authorisation process itself. CONSOB's CASP-authorisation procedure requires applicants to demonstrate alignment with ESMA and CONSOB guidance on market-abuse detection systems and consumer-protection procedures as a condition of authorisation, meaning these requirements are front-loaded into the authorisation gate rather than imposed as a subsequent supervisory layer. This raises the practical bar for new entrants seeking CASP authorisation in Italy beyond the baseline MiCA requirements applicable EU-wide, since applicants must show CONSOB-specific procedural alignment as part of the application itself. On cross-border activity, a MiCA-authorised CASP based in Italy, or authorised elsewhere in the EU, may passport its crypto-asset services across the EEA. No Italy-specific restriction on this passporting right was identified this cycle, suggesting that Italy is applying the EU-wide MiCA passporting mechanism without additional domestic conditions layered on top, at least based on currently available evidence. #### Outlook The near-term outlook for Italy's crypto-licensing module turns on resolution of the legacy-OAM question: whether entities that missed the 1 July 2026 cutoff without securing authorisation must exit the Italian market entirely or may continue in a residual, self-custody-only capacity. This is likely to be clarified through further CONSOB or Banca d'Italia guidance, or through enforcement action against non-compliant former OAM registrants, in the coming reporting cycles. The narrow nine-entity authorised/notified population as of 30 June 2026 should also be watched for growth as additional applications complete the CASP-authorisation process; a meaningful increase in that count over subsequent cycles would indicate the authorisation pipeline is functioning at scale, while stagnation would suggest continuing friction in the authorisation process itself. Periodic update · new data 2026-09-21 #### Crypto Licensing Italy's crypto-licensing perimeter became fully binding on 1 July 2026, when MiCA's transitional period ended. From that date, provision of crypto-asset services to EU clients in Italy is reserved exclusively to entities authorised as CASPs under MiCAR, or to supervised intermediaries that have notified their intention to provide crypto-asset services. This is a directly-applicable EU regulation now fully in force, with no residual transitional carve-out remaining. The practical authorisation picture, however, is narrow. The 30 June 2026 joint CONSOB/Banca d'Italia communiqué confirmed that CONSOB, working in close coordination with Banca d'Italia, had authorised 8 CASPs, with one additional bank having notified its intention to provide crypto-asset services, for a total of nine authorised entities. This stands in contrast to faster single-regulator EU hubs such as Malta, Ireland, Luxembourg and Austria, where authorisation volumes have moved more quickly. The structural driver appears to be Italy's split CONSOB/Banca d'Italia supervisory model, which has required 12 to 18 months to process CASP applications, a materially longer runway than single-regulator jurisdictions. A related classification point concerns the pre-MiCA OAM register. The Organismo Agenti e Mediatori register for VASPs, established under Italian AML law, was a transitional AML-driven registration rather than a financial licence. Post-1 July 2026, it carries only grandfathering relevance: it does not substitute for CASP authorisation under the now fully-in-force MiCA licensing perimeter, and entities relying on OAM registration alone face a live compliance gap if they have not separately secured or notified CASP status. The combination of a hard regulatory deadline with a narrow authorised-entity outcome is the defining licensing story of this cycle. Firms serving Italian clients without CASP authorisation, or without having filed the requisite notification as a supervised intermediary, now operate outside a fully binding legal perimeter, with no transitional buffer remaining. #### Outlook Watch whether Italy's authorised-CASP count grows materially beyond nine in the coming cycles, or whether the 12-to-18-month processing timeline continues to constrain domestic authorisation growth relative to passported providers established in faster EU hubs. The exact number of pending CASP applications in the pipeline was not established this cycle, since the primary regulator registry was not directly queried for pipeline data; this is a gap to close in the next research pass. Given the narrow current perimeter, near-term market-access friction favoring EU-passported entrants over domestic authorisation appears the more probable trajectory. Periodic update · new data 2026-09-14 #### Crypto Licensing Italy's crypto-licensing framework completed a defining structural transition this cycle. As of 1 July 2026, the national transitional regime that had allowed pre-MiCA virtual asset service providers to continue operating under legacy registration lapsed entirely. From that date forward, only entities holding full MiCA authorisation as crypto-asset service providers, or intermediaries already notified and supervised under the prior regime, may lawfully provide crypto-asset services to clients within Italy. This is a confirmed, high-materiality finding sourced directly to CONSOB's own publication, and it represents the culmination of the phased MiCA rollout that has governed Italian crypto-asset regulation since Regulation (EU) 2023/1114 came into force at EU level. The practical authorisation picture is now concrete rather than aspirational: CONSOB, in close coordination with Banca d'Italia, confirmed in a joint press release dated 30 June 2026 that eight CASPs had been authorised in Italy to date. The supervisory division of labour follows the pattern typical of MiCA implementation across EU member states, CONSOB handles authorisation of operators, their conduct, and market integrity, while Banca d'Italia focuses on prudential and systemic concerns. This dual-authority model is now the operative supervisory architecture for the sector, superseding the single-register approach that preceded it. That single-register predecessor, the OAM (Organismo Agenti e Mediatori) register, had been mandatory for VASPs operating in Italy since July 2022, but functioned as an AML-driven registration mechanism rather than a financial licence in the proper sense. With the transitional window now closed, the OAM register's role has narrowed to a transitional grandfathering mechanism under MiCA, a characterisation that rests on lower-tier sourcing this cycle and is accordingly held at Probable confidence rather than Confirmed. Operators or entrants who previously relied on OAM registration alone as their basis for operating in Italy must now hold, or be in the process of finalising, full MiCA authorisation to continue lawfully. An open question flagged this cycle, though outside this module's direct remit to resolve, concerns the boundary between ADM's gambling-licensing authority and MiCA CASP authorisation where crypto-denominated wagering products are concerned; no official joint guidance addressing this overlap has been identified. This is noted as a genuine regulatory gap rather than a settled feature of the licensing landscape. #### Outlook The closed transitional window means the near-term trajectory for crypto licensing in Italy is now about completing and consolidating the CASP population rather than further transitional rule-making. Expect the authorised-CASP count to grow incrementally beyond the confirmed eight as remaining applicants complete the MiCA authorisation process under CONSOB and Banca d'Italia's joint supervision. The unresolved ADM/MiCA boundary for crypto-denominated gambling products remains worth monitoring, as does the durability of the OAM register's residual transitional role as MiCA grandfathering arrangements continue to wind down. 1 further periodic run re-emitted the standing brief unchanged and is not shown. Sources and findings (14) - T4[The Block](https://www.theblock.co/post/381478/italy-warns-crypto-firms-mica-deadline) — Italy's pre-MiCA regime requires virtual asset service providers (VASPs) to register with the OAM, the national agents and brokers body, rather than obtain full prudential authorisation. - T4[The Block](https://www.theblock.co/post/381478/italy-warns-crypto-firms-mica-deadline) — Crypto-asset service providers (CASPs) must obtain full MiCA authorisation from Consob (or Banca d'Italia for specified entity types) and are subject to ongoing prudential and conduct supervision, replacing the lighter OAM registration regime. - T4[The Block](https://www.theblock.co/post/381478/italy-warns-crypto-firms-mica-deadline) — Italy's registered VASPs could continue operating only until 30 December 2025 unless they filed an application to become licensed CASPs; firms that submitted applications by that deadline may continue operating until authorisation is approved or refused, but no later than 30 June 2026 (the EU-wide Article 143(3) MiCA grandfathering backstop). - T4[The Block](https://www.theblock.co/post/381478/italy-warns-crypto-firms-mica-deadline) — VASPs that do not intend to seek MiCA authorisation must cease operations in Italy by 30 December 2025, terminate existing contracts, and return customer assets. - T1[ESMA](https://www.esma.europa.eu/sites/default/files/2024-12/List_of_Competent_Authorities_notified_to_ESMA_under_MiCA.pdf) — For Article 60 MiCA notifications, Consob receives notifications for crypto-asset services provided by central securities depositories, investment firms and market operators, while Banca d'Italia receives notifications for services by credit institutions, e-money institutions and UCITS management companies or alternative investment fund managers; full CASP authorisation for non-notifying entities is granted by Consob in consultation with Banca d'Italia, except that Banca d'Italia (in consultation with Consob) authorises e-money institutions and payment institutions applying for crypto-asset services beyond Article 60 scope. - T3[CoinDesk](https://www.coindesk.com/business/2026/05/27/banca-sella-gets-green-light-to-provide-crypto-services-to-customers-first-in-italy) — Banca Sella became the first Italian lender to secure a crypto-asset services licence from the Bank of Italy under MiCA, enabling a custody, transfer and receipt platform for selected corporate clients following a 40-day notification procedure. - T1[ESMA](https://www.esma.europa.eu/sites/default/files/2024-12/List_of_MiCA_grandfathering_periods_art._143_3.pdf) — Entities registered as VASPs in the Italian AML/TF register (OAM), or entities belonging to the same group, are subject to a distinct filing condition to benefit from Italy's MiCA grandfathering period, as specified in a jurisdiction-specific footnote to the ESMA grandfathering table. - T3[YouHodler Italy S.r.l.](https://en.spaziocrypto.com/press-release/youhodler-italy-consob-casp-license-micar-lener-partners/) — CONSOB, after hearing Banca d'Italia, authorised YouHodler Italy S.r.l. as a CASP under MiCA and D.Lgs. 129/2024 by Resolution no. 24156 of 8 October 2026, covering custody and administration, exchange of crypto-assets for funds and for other crypto-assets, order execution, and transfer of crypto-assets. - T3[D.Lgs. 129/2024](https://binar.com/insights/casp-licensing-country-guide-europe/) — Designates CONSOB as the lead NCA for CASP authorisation under MiCA, consulting Banca d'Italia; Italy set a 12-month national transitional period ending 30 December 2025 for legacy OAM-registered VASPs to obtain MiCA authorisation. - T3 · Diritto Bancario[Reg. (UE) 2023/1114 (MiCAR)](https://www.dirittobancario.it/art/il-regime-micar-dopo-il-periodo-transitorio/) — Authorisation by Consob (after consulting Banca d'Italia) is required before providing specialised crypto-asset services in Italy, unless already-regulated entities use the Art.60 notification route. - T1 · Banca d'Italia[D.Lgs. 129/2024 art. 45 (as amended by D.L. 95/2025)](https://www.bancaditalia.it/compiti/vigilanza/accesso-mercato/soggetti-mercato-cripto-attivita/casp/faq-casp/index.html) — VASPs registered in the OAM special register by 27 December 2024 could continue operating only if they applied for CASP authorisation by 30 December 2025, with the transitional window closing at the latest by 30 June 2026. - T1 · Consob[Consob / Banca d'Italia CASP authorisations](https://www.consob.it/web/consob-and-its-activities/w/transitional-period-under-the-mica-regulation-on-crypto-assets-ends-9-entities-authorised-in-italy) — As of the 1 July 2026 transitional cut-off, Consob (in coordination with Banca d'Italia) had authorised 8-9 CASPs in Italy, including Banca Sella S.p.A. (the first Italian bank with MiCAR authorisation), CheckSig S.r.l., Conio, Young Platform and Olliv Italia S.r.l. - T1 · Organismo Agenti e Mediatori (OAM) / official decree text[D.Lgs. 129/2024 art. 30](https://www.organismo-am.it/documenti/Normativa/129_2024.pdf) — Unauthorised provision of crypto-asset services, or unauthorised offer/admission to trading of an asset-referenced token, is a criminal offence punishable by imprisonment of six months to four years and a fine of EUR 2,066 to EUR 10,329. - T3 · Voixa[Reg. (UE) 2023/1114 (MiCAR)](https://voixa.es/en/insights/mica-casp-capital-requirements/) — CASPs must hold permanent minimum own funds of EUR 50,000 (Class 1), EUR 125,000 (Class 2) or EUR 150,000 (Class 3), or, if higher, one quarter of the prior year's fixed overheads. ### Italy: C2 Token ClassificationAmberEnacted in forceModule confidence: Probable▾ Italy applies MiCA's EU-wide token taxonomy directly (asset-referenced tokens (ART), e-money tokens (EMT), and other/utility crypto-assets), with no bespoke Italian sub-classification regime identified. Consob participates in ongoing ESMA/ESA work (including SMSG input) to delineate the boundary between MiCA crypto-assets and MiFID II financial instruments, which remains an area of active, not-yet-finalised guidance. C2 · Token Classification — Full Module Record 0 sub-modules · 180 words · 4 traced claims · Re-verified 2026-11-03 The decision headline, regulatory posture (Amber), primary framework, and supervisory authority above are open on the Free Explore layer. Register free with a business email for 3 full-record passes a month , or unlock all 170 jurisdictions with Pro (£39/mo · £99/mo all products) or Firm (£199/mo · £449/mo all products) . [Unlock with Free Pass / Sign In](https://a-i.gi/auth/login) [View Pro & Firm Plans (£39 / £199)](https://a-i.gi/licensing/#plans)[View Open Exemplar (Gibraltar)](/jurisdictions/gi/) ### Italy: C3 On-Chain Activity RegimeAmberEnacted in forceModule confidence: Probable▾ No bespoke Italian legal regime specifically addressing staking, DeFi lending, DEX operation, mining, node operation or validation was identified beyond MiCA's CASP service-category coverage (custody, exchange, transfer, execution, placing, advice, portfolio management). Tokenization initiatives involving Italian banks (e.g., Banca Sella's participation in EU tokenization projects) are emerging market activity rather than a codified on-chain activity regime. C3 · On-Chain Activity — Full Module Record 0 sub-modules · 180 words · 4 traced claims · Re-verified 2026-11-03 The decision headline, regulatory posture (Amber), primary framework, and supervisory authority above are open on the Free Explore layer. Register free with a business email for 3 full-record passes a month , or unlock all 170 jurisdictions with Pro (£39/mo · £99/mo all products) or Firm (£199/mo · £449/mo all products) . [Unlock with Free Pass / Sign In](https://a-i.gi/auth/login)[View Pro & Firm Plans (£39 / £199)](https://a-i.gi/licensing/#plans)[View Open Exemplar (Gibraltar)](/jurisdictions/gi/) ### Italy: C4 Stablecoin RegimeAmberEnacted in forceModule confidence: Probable▾ Stablecoins (EMT/ART) are regulated directly under MiCA Titles III/IV. Banca d'Italia is the Italian competent authority for e-money token issuer authorisation in most cases, in consultation with Consob. Italian banks (notably Banca Sella) are active participants in EU-wide MiCA-compliant euro stablecoin initiatives (Qivalis), though the issuing entity is being licensed in the Netherlands rather than Italy. Banca d'Italia has published applied research on stablecoin efficiency for remittances and on AML risks associated with stablecoins. Periodic update · new data 2026-10-18 #### Stablecoin Regime CONSOB relayed a European Securities and Markets Authority supervisory opinion to Italian crypto-asset service providers between 16 and 18 October 2026, directing them to halt new client acquisitions of stablecoins that do not comply with MiCA's e-money-token and asset-referenced-token standards under Title III and Title IV of Regulation (EU) 2023/1114, and to manage down any residual non-compliant positions within a three-month window. This represents a tightening of supervisory tolerance for non-compliant stablecoin holdings among Italian CASPs, moving from what had been, implicitly, a more permissive transitional posture toward active enforcement of MiCA's stablecoin compliance perimeter. The legal force of this direction has not been established this cycle: it may constitute a binding circular issued by CONSOB, an informal supervisory communication relaying ESMA's opinion without independent binding force under Italian law, or something in between. CASPs operating in Italy should not treat the three-month wind-down window as a confirmed binding deadline until this question is resolved, though the direction of supervisory travel — away from tolerating non-compliant stablecoin exposure — is clear regardless of the instrument's precise legal status. A separate, negative finding bears on the same regime: as of 7 October 2026, no Italian entity was listed on ESMA's register of authorised e-money-token issuers. This indicates that, as of the most recent check, no Italian issuer has itself obtained e-money-token authorisation status, meaning the stablecoin compliance question for Italian CASPs this cycle concerns which third-party-issued stablecoins they may hold or transact in, rather than any Italian-issued stablecoin needing to come into compliance. This negative finding was sourced from a lower-tier secondary source and has not been independently verified against ESMA's own register. #### Outlook The most consequential open question is the legal-force status of the ESMA-relayed wind-down direction; its resolution would determine whether the three-month window (running to approximately mid-January 2027 if the direction dates from mid-October 2026) is an enforceable deadline or a supervisory expectation without independent binding force in Italy. Separately, watch for whether any Italian entity moves toward e-money-token issuer authorisation on ESMA's register, which would be the first such Italian-issued stablecoin development under the MiCA framework. C4 · Stablecoins & EMTs — Full Module Record 0 sub-modules · 180 words · 7 traced claims · Re-verified 2026-11-03 The decision headline, regulatory posture (Amber), primary framework, and supervisory authority above are open on the Free Explore layer. Register free with a business email for 3 full-record passes a month , or unlock all 170 jurisdictions with Pro (£39/mo · £99/mo all products) or Firm (£199/mo · £449/mo all products) . [Unlock with Free Pass / Sign In](https://a-i.gi/auth/login)[View Pro & Firm Plans (£39 / £199)](https://a-i.gi/licensing/#plans)[View Open Exemplar (Gibraltar)](/jurisdictions/gi/) ### Italy: C5 Consumer ProtectionAmberEnacted in forceModule confidence: Probable▾ Consob applies MiCA-derived consumer protection rules including marketing/white-paper compliance, custody safeguards, and staff knowledge/competence assessment, supplemented by an April 2025 Consob notice on MiCA crypto-asset transfer guidelines compliance. The Italian Ministry of Economy and Finance launched an in-depth review of retail investor safeguards given growing direct/indirect crypto exposure risk. #### Consumer Protection CONSOB and Banca d'Italia used their 30 June 2026 joint communiqué, issued alongside confirmation of Italy's post-MiCA authorised-CASP perimeter, to advise Italian consumers to verify which legal entity actually provides a given crypto-asset service. The regulators' point was specific and consequential: MiCAR protections apply only where the EU-authorised entity itself provides the service directly, not where an unauthorised entity operating under the same brand or group name provides it instead. This warning reflects an active, live consumer-protection gap rather than a hypothetical concern. With only nine entities authorised in Italy following MiCA's transitional-period expiry, and with authorisation volumes narrow relative to faster EU hubs, the risk that a consumer engages with an unauthorised same-brand affiliate while believing they are protected under MiCAR is structurally elevated. The regulators' decision to issue this warning at the same moment they confirmed the narrow authorised perimeter suggests the two facts are directly linked in their own risk assessment: a thin authorised-entity landscape increases the odds that group structures with only partial authorisation coverage will confuse consumers about which entity, and which protections, actually apply to a given transaction. This is confirmed regulator-issued guidance, carrying the weight of an official warning rather than binding rule-making, but it signals where CONSOB and Banca d'Italia currently see the sharpest consumer-facing risk in the post-transitional-period landscape. #### Outlook Expect continued regulator messaging on entity-verification as the authorised-CASP perimeter remains narrow; any expansion in authorised-entity count in coming cycles would likely reduce, but not eliminate, the same-brand-entity confusion risk the regulators have flagged. Watch for any enforcement action arising specifically from consumer complaints tied to this group-entity confusion pattern. Read full sub-brief · 271 words No periodic updates recorded in this cycle Sources and findings (8) - T1[ESMA](https://www.esma.europa.eu/sites/default/files/2025-07/ESMA35-24871704-2591_Compliance_table_on_MiCA_crypto-asset_transfer_Guidelines.pdf) — Consob issued an official notice (Avviso Consob del 30 aprile 2025) confirming compliance intentions with ESMA Guidelines on MiCA crypto-asset transfer requirements, forming part of Italy's marketing/conduct supervisory framework for CASPs. - T1[ESMA](https://www.esma.europa.eu/sites/default/files/2026-04/ESMA75-113276571-1679_Statement_on_the_end_of_transitional_periods_under_MiCA.pdf) — ESMA reminds retail investors, applicable across Italy, to verify that a crypto-asset provider is listed as authorised in the ESMA Interim MiCA Register before investing or transferring funds, and that MiCA protections apply only to the specific authorised legal entity, not affiliated group companies. - T1[ESMA](https://www.esma.europa.eu/sites/default/files/2026-06/ESMA75-113276571-1710_Public_Statement_MiCA_transitional_period_ends.pdf) — ESMA reminds that MiCA prohibits CASPs from outsourcing or delegating certain services, notably custody, to entities that are not authorised as CASPs, a requirement directly applicable to Italian-authorised CASPs. - T1[ESMA](https://www.esma.europa.eu/sites/default/files/2026-01/ESMA35-24871704-2922_Guidelines_for_the_criteria_on_the_assessment_of_knowledge_and_competence_under_MiCA.pdf) — ESMA Guidelines on the criteria for assessment of knowledge and competence of CASP staff providing information or advice on crypto-assets apply within Italy's MiCA supervisory framework under Consob oversight. - T4[The Block](https://www.theblock.co/post/381478/italy-warns-crypto-firms-mica-deadline) — Italy's Ministry of Economy and Finance launched an in-depth review of safeguards for retail investors' direct and indirect exposure to crypto assets, following a Committee for Macroprudential Policies assessment (comprising Banca d'Italia, Consob, IVASS, COVIP and the Treasury) that vulnerabilities linked to crypto assets could be increasing. - T1[CONSOB](https://www.consob.it/web/area-pubblica/-/comunicazione-consob-del-2026-04-03-abusivismo) — CONSOB's recurring investor-warning communications instruct retail investors to verify, before investing, that a crypto-asset-service operator is authorised and that a white paper has been published as required by MiCA. - T3 · hoge.gg[Reg. (UE) 2023/1114 (MiCAR)](https://hoge.gg/it/mica-abusi-di-mercato-cripto-manipolazione-insider-2026/) — The crypto-asset market-abuse regime (insider dealing, unlawful disclosure, market manipulation, prevention/detection duties) applies from 30 December 2024 to anyone dealing in crypto-assets admitted to trading on a CASP-operated trading platform; Consob is the competent authority. ### Italy: C6 Tax TreatmentAmberEnacted in forceModule confidence: Probable▾ Italy taxes crypto capital gains above a €2,000 threshold at a 26% substitute tax rate, in force since the 2023 tax year. A 2024 proposal to raise this rate as high as 42% (later floated at 28%) as part of the 2025 budget process was reported to have been significantly scaled back during parliamentary negotiations; the final settled rate for tax years 2025-2026 was not confirmed by primary sources in this research pass and should be treated as unresolved pending verification of the enacted 2025 Budget Law text. Separately, the EU's DAC8 directive imposing crypto tax-transparency reporting obligations on CASPs took effect 1 January 2026, applicable in Italy as an EU Member State. Periodic update · new data 2026-09-14 #### Tax Treatment Italy's crypto tax-reporting framework acquired concrete operational form this cycle following the earlier transposition of the EU's DAC8 directive. Legislative Decree 194/2025 had already transposed DAC8 into Italian law, but the practical mechanics of that transposition remained undefined until the Agenzia delle Entrate issued operational rules by provvedimento dated 22 June 2026. This is a probable finding, corroborated by a single lower-tier source this cycle, but it names a specific, dated implementing instrument rather than a general or speculative development. Under the new operational rules, crypto-asset service providers operating in Italy are required to collect client tax-identification data and to report exchange and transfer transactions to the tax authorities. This obligation applies to the CASP population that has separately been reshaped this cycle by the closure of Italy's MiCA transitional licensing window, meaning the newly-authorised and continuing CASPs now face a compounding compliance burden: MiCA authorisation and prudential supervision on one side, and DAC8-driven tax-reporting infrastructure on the other. The reporting obligation is binding and in force as of the provvedimento's issuance, giving CASPs a concrete near-term compliance deadline to build the necessary client-data collection and transaction-reporting infrastructure. No further Italy-specific tax-treatment development, such as capital-gains treatment of crypto-asset disposals or VAT treatment of crypto transactions, was evidenced within this cycle's research; this module's scope is accordingly limited to the DAC8 reporting-obligation finding. #### Outlook Expect the Agenzia delle Entrate's operational rules to move from issuance toward active compliance monitoring in the coming cycles, as CASPs build out the required client tax-identification and transaction-reporting infrastructure mandated by the 22 June 2026 provvedimento. Given that this obligation applies across the CASP population reshaped by the concurrent MiCA licensing transition, the practical compliance burden facing Italian crypto-asset service providers is compounding rather than isolated, and further Agenzia delle Entrate guidance clarifying reporting thresholds or formats would be a natural next development to watch for. C6 · Tax Treatment — Full Module Record 0 sub-modules · 180 words · 8 traced claims · Re-verified 2026-11-03 The decision headline, regulatory posture (Amber), primary framework, and supervisory authority above are open on the Free Explore layer. Register free with a business email for 3 full-record passes a month , or unlock all 170 jurisdictions with Pro (£39/mo · £99/mo all products) or Firm (£199/mo · £449/mo all products) . [Unlock with Free Pass / Sign In](https://a-i.gi/auth/login)[View Pro & Firm Plans (£39 / £199)](https://a-i.gi/licensing/#plans)[View Open Exemplar (Gibraltar)](/jurisdictions/gi/) ### Italy: C7 Cross-Border TransferAmberEnacted in forceModule confidence: Probable▾ Cross-border crypto transfers into and out of Italy are governed by directly applicable EU law: Regulation (EU) 2023/1113 (Transfer of Funds Regulation, the EU 'travel rule' instrument) and MiCA's restrictions on non-EU CASPs soliciting or serving EU clients. No Italy-specific outbound capital-control restriction on crypto transfers distinct from EU-wide rules was identified. C7 · Cross-Border & Travel Rule — Full Module Record 0 sub-modules · 180 words · 6 traced claims · Re-verified 2026-11-03 The decision headline, regulatory posture (Amber), primary framework, and supervisory authority above are open on the Free Explore layer. Register free with a business email for 3 full-record passes a month , or unlock all 170 jurisdictions with Pro (£39/mo · £99/mo all products) or Firm (£199/mo · £449/mo all products) . [Unlock with Free Pass / Sign In](https://a-i.gi/auth/login)[View Pro & Firm Plans (£39 / £199)](https://a-i.gi/licensing/#plans)[View Open Exemplar (Gibraltar)](/jurisdictions/gi/) ### Italy: C8 AML/CFT RegimeGreenEnacted in forceModule confidence: Probable▾ Crypto AML/CFT obligations are handled under the fleet's shared FIM aml_ctf module subscription; this baseline does not independently assert AML/CFT claims for Italy. Contextually, Italy's pre-MiCA VASP register is itself an AML/TF register (OAM), and MiCA authorisation is contingent on continued compliance with AML/CFT requirements, but substantive AML/CFT rule content is out of scope here by design. C8 · AML/CFT Regime — Full Module Record 0 sub-modules · 180 words · 2 traced claims · Re-verified 2026-11-03 The decision headline, regulatory posture (Green), primary framework, and supervisory authority above are open on the Free Explore layer. Register free with a business email for 3 full-record passes a month , or unlock all 170 jurisdictions with Pro (£39/mo · £99/mo all products) or Firm (£199/mo · £449/mo all products) . [Unlock with Free Pass / Sign In](https://a-i.gi/auth/login)[View Pro & Firm Plans (£39 / £199)](https://a-i.gi/licensing/#plans)[View Open Exemplar (Gibraltar)](/jurisdictions/gi/) ### Italy: C9 Commercial Activity unpopulated ▾ ## Commercial Activity Young Platform, a crypto exchange based in Turin, closed a $22.5 million Series C funding round led by Azimut Group, reported 9 July 2026. The round represents a significant institutional investment in Italian crypto-asset market infrastructure, with Azimut Group, an established Italian asset manager, taking the lead investor position. The transaction is classified as a completed investment event in the exchange-and-broker sector category, with the disclosed round size of $22.5 million confirmed in the reporting reviewed this cycle. The funding round sits against the backdrop of Italy's post-MiCA-transition regulatory environment, in which the national CASP cohort has grown incrementally to nine authorised providers as of 8 October 2026. Read together, continued investor appetite for Italian crypto-asset infrastructure and the steady expansion of the authorised-provider base point toward a market that is consolidating around a smaller number of regulated, increasingly well-capitalised participants rather than contracting in response to the tightened post-transition authorisation requirements. — Outlook: Whether further funding activity follows in the Italian crypto-asset exchange sector, and whether it concentrates among already-authorised CASPs or signals new entrants seeking authorisation, is the principal marker to watch. No other commercial-activity development in Italy's crypto sector was evidenced in this window. No periodic updates recorded in this cycle Sources and findings (1) - T3[Young Platform](https://www.trysignalbase.com/news/funding/young-platform-raises-225m-series-c) — Young Platform (Turin, Italy) closed a $22.5m Series C funding round led by Azimut Group, reported 9 July 2026.