Cryptoassets Regulatory Intelligence

Italy (IT) · Module Detail

Italy: Token Classification

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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.

Standing sub-brief · as of 25 August 2026100 words · last cycle 2026-08-21

Token Classification

CONSOB adopted ESMA-developed guidelines in 2026 that introduce a classification system distinguishing tokens treated as regulated financial instruments from those that fall into MiCA's lighter-touch categories. The guidelines give Italian market participants a clearer analytical framework for classifying a given token, though the application of that framework to specific instruments circulating in the Italian market remains an evolving supervisory practice rather than a settled body of precedent.

No new data since the standing brief. 1 periodic run re-emitted it unchanged.

Sources and findings (3)
  1. T1 · ESMAESMA — MiCA defines and regulates asset-referenced tokens (ART) as a distinct crypto-asset category, directly applicable in Italy as an EU Member State without need for separate national transposition of the substantive taxonomy.retrieved M4bindingin force
  2. T1 · ESMAESMA — MiCA defines and regulates e-money tokens (EMT), authorisation of which in Italy falls to Banca d'Italia for credit institutions and e-money institutions issuing such tokens.retrieved M4bindingin force
  3. T1 · ESMAESMA — ESMA guidance on the criteria for qualification of crypto-assets as MiFID II financial instruments (bridging MiCA and MiFID II) remains under active development, leaving the precise national-level classification boundary for certain crypto-assets in Italy not yet fully settled.retrieved M3non-bindingexpected to resolve as the cycle horizon moves