Italy’s New Licensing Requirement for Crypto Companies

In a significant regulatory development, Italy’s National Commission for Companies and the Stock Exchange (CONSOB) has reminded cryptocurrency service providers operating within the country to apply for a license by December 30, 2025. This move is part of the broader implementation of the Markets in Crypto-Assets Regulation (MiCAR) across Europe. Failure to comply with this deadline will result in companies being unable to continue their operations in Italy.

The Transition Period

For those who are proactive in applying, CONSOB offers a transition period extending until June 30, 2026. During this time, companies can continue their activities while awaiting either the issuance or denial of their license application. However, post-transition, only regulated platforms will have access to the Italian market.

Action Required for Non-Compliant Entities

Companies choosing not to apply for licensure are required to take specific actions before discontinuing their services. These actions include terminating existing contracts and returning crypto-assets and funds to clients as per their instructions. Additionally, all services related to storage and administration of crypto-assets must be halted.

The Role of OAM Registration

Previously, entities had the option to register with the Organization of Agents and Brokers (OAM) to operate freely within Italy. However, with MiCAR regulations now taking effect, obtaining a CASP (Crypto Asset Service Provider) license becomes mandatory.

Communication Obligations

Service providers registered with OAM are also mandated to inform clients about how they plan to implement MiCAR provisions. It is recommended that users contact their providers directly to verify their compliance status since some entities might exit the market after December 30.

Wide Adoption Across Jurisdictions

Several major cryptocurrency exchanges such as Gemini, Bitvavo, Kraken, and Coinbase have already secured MiCAR licenses in various jurisdictions. This trend indicates an increased adoption of standardized regulations aimed at ensuring consumer protection and fostering trust in digital financial markets.
In summary, these changes represent a pivotal shift towards more structured regulation within Italy’s crypto landscape. They underline an essential step towards harmonizing European crypto asset management standards while offering clarity and protection for consumers engaging with these digital platforms.