CONSOB authorises, having heard Banca d'Italia
What we do, and what is included
An Italian crypto licence is the CASP authorisation CONSOB grants under Article 63 MiCAR and Article 16(1) of Legislative Decree 129/2024. Since 1 July 2026 the service is reserved across the Union to authorised and to notified providers (joint press release, 30 June 2026).
The first Italian CASP authorisation was granted on 7 May 2026, after the investigative procedure and a favourable opinion from Banca d'Italia. We take on the structure, the file and the filing.
Structuring review
The company form against the four Art. 16(7)(a) permits, the service perimeter, and Article 59(2) substance: EU-resident director, effective management, a real Italian office.
Perimeter and capital class
Which of the ten crypto-asset services you apply for. The list fixes the Annex IV class, and the class the prudential floor. The regime itself: MiCA authorisation.
The Article 62 file
The nineteen items of Article 62(2), the service-specific documents, and suitability evidence for officers and qualifying shareholders.
After the decision
Entry in the ESMA register, passport notifications, an extension whenever a service is added, and the published fee and climate policies.
One authorisation, the whole Union
Article 59(7) MiCAR lets an authorised provider serve clients across the Union, through a branch or from Italy, with no host-state presence.
Life under the licence
Five-year records, client funds banked by the next business day, and pricing on request for the work itself.
Who authorises what: CONSOB and Banca d'Italia
Article 16 of Legislative Decree 129/2024 splits the work. Which authority opens your file depends on what the company already is.
| Applicant | Who decides | Legal basis | What it takes |
|---|---|---|---|
| Specialised provider, not already supervised | CONSOB, having heard Banca d'Italia | Art. 63 MiCAR, Art. 16(1) | S.p.A., S.a.p.a., S.r.l. or a cooperative, plus the Article 62 file |
| Electronic money institution (IMEL) | Banca d'Italia, having heard CONSOB | Art. 16(5); Art. 114-quinquies(4) TUB | Patrimonio destinato; capital EUR 350 000 |
| Payment institution | Banca d'Italia, having heard CONSOB | Art. 16(6); Art. 114-novies(4) TUB | Patrimonio destinato; capital EUR 125 000, 50 000 or 20 000 |
| Banks, class 1 investment firms, asset managers | Notification to Banca d'Italia | Art. 16(2),(4); Art. 60(7) MiCAR | Notifiable services only; copy to CONSOB |
| Depositories, other investment firms, market operators | Notification to CONSOB | Art. 16(2),(4); Art. 60(7) MiCAR | The same; copy to Banca d'Italia |
| Any operator of a trading platform | CONSOB supervises the platform | Art. 17(5) | Applies whoever runs it |
The root question is whether the applicant is already a supervised financial intermediary. If it is not, the route is the specialised CASP under Article 16(1): a company in one of four permitted forms, S.p.A., S.a.p.a., S.r.l. or società cooperativa; a service perimeter chosen out of the ten crypto-asset services; prudential capital set as the higher of the Annex IV amount and one quarter of fixed overheads; filing by PEC with CONSOB together with the supervisory contribution of EUR 20 000; a decision by CONSOB having heard Banca d'Italia under Art. 16(1) D.Lgs. 129/2024; and entry in the CASP register kept by ESMA. If it is, the route is the IMEL or payment institution under Article 16(5) and 16(6): an existing authorised institution, initial capital of EUR 350 000 for an IMEL or EUR 125 000, 50 000 or 20 000 for a payment institution, a patrimonio destinato set up under Art. 114-quinquies(4) or 114-novies(4) TUB, authorisation by Banca d'Italia having heard CONSOB, and a statutory procedure of 40 working days. Across both branches: whoever runs a trading platform, supervision of the platform sits with CONSOB under Art. 17(5).
Capital: the corporate minimum is not the prudential minimum
Two figures answer how much capital an Italian CASP needs, and they come from different bodies of law.
Corporate minimum, company law
EUR 10 000 for an S.r.l. (Art. 2463(2)(4) c.c.), EUR 50 000 for an S.p.A. (Art. 2327). Enough to exist, not to be authorised.
Prudential minimum, Annex IV MiCAR
The class figure, or one quarter of fixed overheads where higher. A company with no trading year projects those over 12 months (Art. 67(1),(2) MiCAR).
How the cover is held
Common Equity Tier 1 own funds, an insurance policy for the territories served, a comparable guarantee, or a combination (Art. 67(4)-(5)).
| Requirement | Figure | Source |
|---|---|---|
| Class 1: execution, placing, transfers, reception and transmission, advice, portfolio management | EUR 50 000 | Annex IV MiCAR |
| Class 2: adds custody and both exchange services | EUR 125 000 | Annex IV MiCAR |
| Class 3: adds operating a trading platform | EUR 150 000 | Annex IV MiCAR |
| Supervisory contribution, paid on filing | EUR 20 000 | delibera CONSOB 23700/2025 |
Two figures come from company law and are labelled corporate minimum: an S.r.l. at EUR 10 000 under Art. 2463(2)(4) c.c., and an S.p.A. at EUR 50 000 under Art. 2327 c.c. Three come from Annex IV MiCAR and are labelled CASP prudential minimum: class 1 at EUR 50 000, class 2 at EUR 125 000 and class 3 at EUR 150 000. A cut-off line drawn at EUR 50 000 marks the class 1 prudential floor, and the S.r.l. bar at EUR 10 000 does not reach it.
How the process works
Two things about timing are verifiable: the deadlines in the Regulation, and the fee at filing.
- Structure the company. One of the four permitted forms, an Italian registered office where the services are partly provided, effective management in the Union, an EU-resident director.
- Fix the service perimeter among the ten crypto-asset services. The list sets the Annex IV class, and the class sets the capital figure.
- Run the "higher of" calculation against one quarter of projected fixed overheads for the first 12 months.
- Assemble the Article 62(2) file, the service-specific documents and the criminal record evidence, on the CONSOB form of 27 October 2025.
- File by PEC and pay the supervisory contribution of EUR 20 000, set by CONSOB delibera 23700/2025 (Banca d'Italia: market access). On filing
- Acknowledgement, then the completeness check. Receipt is confirmed, then the file is read for what is missing. 5, then 25 working days
- Reasoned decision on a complete file, with Banca d'Italia's opinion. A request for further information stops the clock for up to 20 working days. 40 working days
- Notification, then transmission to ESMA, which publishes the entry by the date the services begin. 5, then 2 working days
Next step
Not sure which authority reads your file?
Describe the structure and the services you intend to provide.
Tell us about your case
What the application file must contain
Article 62 MiCAR sets out what the application holds. Assembling it is the project.
- Name, legal entity identifier, legal form and articles of association
- A programme of operations: the services intended, and how they are marketed
- Proof of the Article 67 prudential requirements
- The governance arrangements, described rather than asserted
- Reputation and competence of each member of the management body
- Every direct and indirect holder of a qualifying holding
- Internal controls, AML procedures and the business continuity plan
- ICT and security documentation, and the same in plain language
- Segregation of clients' crypto-assets and funds, and complaints handling
- Service-specific papers under Art. 62(2)(m) to (r), custody policy to platform rules
- Clean criminal record evidence, officers and qualifying holders alike (Art. 62(3))
Problems we solve
The licence held at arm's length
A registered address with nothing behind it, a board meeting abroad, a sole director in a third country: each breaks Article 59(2).
Capital fixed before the service list
Founders arrive with a figure decided and the perimeter open. The list sets the class, and the class the floor.
Trading without the authorisation
Criminal liability under Art. 30 runs alongside the administrative fines of Art. 31, in the figures below.
Reverse solicitation as a plan
Article 61 MiCAR exempts a service the client went looking for. Solicitation in the Union removes it; no disclaimer restores it.
The group brand that shields nobody
Both authorities say protection applies only where an EU-authorised entity provides the service, not another group company under the same brand.
| Who and what | Sanction | Article |
|---|---|---|
| Services provided in breach of Art. 59(1)(a) MiCAR | 6 months to 4 years, plus a fine of EUR 2 066 to EUR 10 329 | Art. 30(1) D.Lgs. 129/2024 |
| Legal persons | EUR 30 000 to EUR 5 000 000, or up to 3%, 12.5% or 5% of annual turnover by breach | Art. 31(1)(a) D.Lgs. 129/2024 |
| Individuals, officers included | EUR 5 000 to EUR 700 000 | Art. 31(1)(b) D.Lgs. 129/2024 |
| Profit above the cap | twice the profit obtained, where determinable | Art. 31(2) D.Lgs. 129/2024 |
Next step
Already have a structure in mind?
Send us the service list and the shareholding and we will name what is missing.
Tell us about your caseWhy work with us
From our practice: two items of Article 62(2) come back for rework more than the rest, the programme of operations and the non-technical description of the ICT systems. Both are written as marketing documents, and the supervisor is reading for how the business will run.
By Marta De Luca, Regulatory and Licensing Lead, Milan office. Four years inside the compliance function of an Italian payment institution taught her what a supervisor actually reads.
Reviewed by Giulia Mancini, Head of Corporate Formation. Updated 13 September 2026.
Accuracy note: the position under the instruments cited at the update date, not legal advice. The operator count is as at 30 June 2026; ESMA keeps the live list.
Tell us about your case
Describe the service you intend to offer and we will say which MiCAR category it falls in.
Frequently asked questions
What happens if crypto services are provided in Italy without authorisation?
Article 30 of Legislative Decree 129/2024 sets criminal liability of six months to four years of imprisonment plus a fine of 2 066 to 10 329 EUR. Article 31 sets administrative fines of 30 000 to 5 000 000 EUR for companies, or up to 12.5% of annual turnover, and 5 000 to 700 000 EUR for individuals.
Can a non-EU exchange serve Italian clients without a licence?
Only inside the narrow exemption of Article 61 MiCAR, where a client established in the Union approaches the firm at its own exclusive initiative. Any solicitation of clients in the Union removes the exemption, no contractual clause or disclaimer changes that, and new services may not be marketed on the back of it.
Do I need an EU resident director for an Italian crypto licence?
Yes. Article 59(2) MiCAR requires at least one director resident in the Union, the place of effective management in the Union, and a registered office in the member state where the company actually carries out at least part of its crypto-asset services. The licence cannot be held at arm's length.
What does an Italian crypto licence cost in official fees?
CONSOB charges a supervisory contribution of 20 000 EUR, payable when the application is filed, introduced by delibera 23700/2025. Separately, prudential safeguards of 50 000, 125 000 or 150 000 EUR apply by service class, or one quarter of fixed overheads where that figure is higher.
How long does CASP authorisation take in Italy?
Only the statutory clock is verifiable. Under Article 63 MiCAR the authority acknowledges receipt within 5 working days, checks completeness within 25 working days and adopts a reasoned decision within 40 working days of a complete file, with a suspension of no more than 20 working days.
Can the licence be withdrawn after it is granted?
Yes. Under Article 64 MiCAR withdrawal is mandatory where the authorisation has not been used within 12 months, where no crypto-asset services have been provided for nine consecutive months, or where the CASP no longer meets the conditions. Withdrawal may be partial and limited to one service.
Is an EMI licence an alternative to a CASP licence?
An EMI licence is a different route rather than a substitute. Banca d'Italia, having heard CONSOB, authorises electronic money institutions and payment institutions to provide crypto-asset services where ring-fenced assets have been set up. Initial capital is at least 350 000 EUR for an EMI and 125 000 EUR for a payment institution providing services 1 to 5.
What happened to companies registered with OAM as VASPs?
Operators regularly entered in the special OAM section on 27 December 2024 that filed an Article 62 application by 30 December 2025 could continue until 30 June 2026, or until a decision. Those that did not file stopped on that date and were struck off by OAM on its own initiative.
Who issues a crypto licence in Italy, CONSOB or the Bank of Italy?
Both, in different roles. CONSOB, having heard Banca d'Italia, authorises a specialised CASP under Article 63 MiCAR and Article 16(1) of Legislative Decree 129/2024. Banca d'Italia, having heard CONSOB, authorises electronic money institutions and payment institutions to provide crypto-asset services under Article 16(5) and 16(6).
What company form and how much capital does an Italian CASP need?
A specialised CASP must be an S.p.A., S.a.p.a., S.r.l. or a cooperative under Article 16(7)(a). Corporate capital and prudential capital are separate requirements: the 10 000 EUR minimum of an S.r.l. does not meet even the class 1 prudential figure of 50 000 EUR set by Annex IV MiCAR.
Can an Italian CASP licence be passported to other EU countries?
Yes. Under Articles 59(7) and 65 MiCAR a CASP may operate across the Union through establishment or the freedom to provide services, with no physical presence required in the host state. The home authority forwards the notification within 10 working days and activity may start by the 15th calendar day.
How many CASPs are authorised in Italy?
As at the joint CONSOB and Banca d'Italia announcement of 30 June 2026, eight CASPs had been authorised, plus one bank, Banca Sella S.p.A., operating through notification, making nine authorised operators. The live list is the public register of CASPs kept by ESMA.
What is a crypto licence in Italy?
An Italian crypto licence is the CASP authorisation granted by CONSOB under Article 63 of Regulation (EU) 2023/1114 (MiCAR). The decision lists the specific crypto-asset services the company may provide, out of the ten services CONSOB identifies. Adding a service later requires an extension of the authorisation under Articles 62 and 63.