Evaluating the Legal Status of Cryptocurrency in Italy's Regulatory Framework

Italy’s approach to cryptocurrency has evolved significantly with the transposition of the EU’s MiCAR (Markets in Crypto-Assets Regulation) into Italian law via Legislative Decree No. 129/2024, which came into effect on 14 September 2024. This decree delineates the scope of crypto-asset services and assigns supervisory powers to both Consob and the Bank of Italy (1).

Under this framework, any entity wishing to issue, offer to the public, or trade crypto-assets in Italy must obtain prior authorization as a crypto-asset service provider (CASP). Consob oversees transparency, fair conduct, orderly trading, and client protection, while the Bank of Italy focuses on risk mitigation, financial stability, and AML supervision (1).

“The MiCAR provisions shall be fully applicable from 30 December 2024, reserving the issuance, offering to the public, admission to trading, and provision of crypto-asset services exclusively to authorized entities under the new EU framework.” (2)

Prior to MiCAR’s full applicability, Italy already required virtual asset service providers to register in the OAM special section (held by the Ministry of Economy and Finance) to conduct exchange, wallet, or trading services, with non-compliance subject to administrative sanctions (1).

Today, holding or transacting in cryptocurrency remains legal for private individuals in Italy, provided that service providers operate under the new authorization regime and adhere to stringent oversight measures laid out by Consob and the Bank of Italy (2).

Source:
https://www.consob.it/documents/1912911/4009267/c20240912_01.pdf/2cb87a33-cfd6-fbe8-aa99-7e4e1afce108
https://www.bancaditalia.it/media/approfondimenti/2024/micar/index.html?com.dotmarketing.htmlpage.language=1

Last updated: 16-05-2025 Disclaimer: This article does not provide legal advice. If you need legal advice, please contact an attorney directly.