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Is crypto legal in Italy? Rules & regulation (2026)

Crypto is regulated in Italy.

Crypto-assets are legal in Italy and fully regulated under the EU MiCA Regulation, which became fully applicable on 30 December 2024 and was implemented domestically by Legislative Decree 129/2024. CONSOB and Banca d'Italia share supervisory powers over CASPs and stablecoin (ART/EMT) issuers, with a transitional regime allowing legacy OAM-registered VASPs to continue operating until 30 June 2026, after which a CASP authorization under MiCAR is mandatory. Tax treatment was tightened by the 2025 Budget Law, raising the capital-gains rate on crypto to 33% from 1 January 2026 (with a 26% carve-out for MiCAR-compliant euro stablecoins), alongside DAC8 reporting obligations.

Last verified Official sources first · MethodologyCompare Italy with other countriesAlso in italiano

Legal framework

EU Regulation 2023/1114 (MiCAR), fully applicable from 30 December 2024, implemented in Italian law by Legislative Decree No. 129 of 5 September 2024 ('Decreto MiCAR'). Competent authorities: CONSOB (conduct, transparency, market integrity, investor protection) and Banca d'Italia (prudential supervision, AML, stability). AML registration via OAM (Organismo Agenti e Mediatori) for legacy VASPs in transitional regime. Crypto taxation under the 2025 Budget Law (Legge n. 207/2024) as amended by the 2026 Budget Law.

Status by sub-area

  • Stablecoins

    In force

    Stablecoins (ART and EMT) are fully regulated under MiCA Titles III–IV from 30 June 2024, with Banca d'Italia as the competent authority for authorization and prudential supervision in Italy; EMTs may be issued only by EU-authorized credit institutions or e-money institutions. Italy's 2026 Budget Law gives MiCAR-compliant euro-denominated stablecoins a reduced 26% capital-gains rate.

  • Exchanges / VASP

    In force

    Exchanges and other crypto-asset service providers must obtain a MiCAR CASP authorization, granted in Italy by CONSOB on Banca d'Italia's opinion. Legacy VASPs may rely on the OAM-registration transitional regime only until 30 June 2026; from 1 July 2026 unauthorized operation is prohibited and sanctioned.

  • Token Offerings

    In force

    Token offerings are split between MiCAR's white-paper regime (for non-financial crypto-assets) and the EU Prospectus Regulation / Italian Consolidated Law on Finance (TUF) for security tokens that qualify as financial instruments. CONSOB applies ESMA's classification guidelines to decide which regime applies.

  • Custody

    In force

    Custody and administration of crypto-assets on behalf of clients is a regulated MiCAR service requiring CASP authorization. Under Article 75 MiCAR, providers must legally and operationally segregate client crypto-assets from their own (typically via distinct wallet addresses), maintain a register of positions, follow a written custody policy and provide periodic client statements; Banca d'Italia's 2025 supervisory provisions add Italian implementing detail.

  • DeFi

    Partial

    Truly disintermediated DeFi is largely outside MiCAR's scope (Recital 22), but Italian and EU authorities apply MiCAR where an identifiable issuer, front-end operator, development team or DAO is centrally involved. CONSOB and Banca d'Italia retain enforcement powers over unauthorized offers and services targeting Italian users, and the EU Commission's MiCAR Article 142 report (2024–2025) is still informing future legislative steps.

    Still pending: EU Commission's MiCAR Article 142 report (2024–2025) still informing future legislative steps

  • Tax

    In force

    Crypto-assets are treated as financial assets for income-tax purposes: capital gains taxed at 33% from 1 January 2026 (26% for MiCAR-compliant euro-stablecoins), 0.2% annual IVAFE wealth tax on holdings, and DAC8 reporting from 2026. The €2,000 de-minimis exemption has been abolished, and an 18% step-up tax option remains available on the 1 January value.

How to get a crypto license in Italy

To provide crypto-asset services in Italy you need a MiCA CASP authorisation (Crypto-Asset Service Provider), supervised by CONSOB, under the EU Markets in Crypto-Assets Regulation (MiCA), Title V.

Authority
CONSOB
License required
a MiCA CASP authorisation (Crypto-Asset Service Provider)
Framework / law
the EU Markets in Crypto-Assets Regulation (MiCA), Title V
Minimum capital
€50,000–€150,000 minimum, by service class (Class 1/2/3)
Timeline
about 40 working days of substantive review; 1–3 months for a well-prepared application
Cost
an application fee of roughly €5,000–€25,000, plus ongoing supervisory fees
Passporting
Yes: a single MiCA CASP licence passports across all 27 EU member states.

What a crypto license in Italy covers

  • Custody and administration of crypto-assets for clients
  • Operating a trading platform for crypto-assets
  • Exchanging crypto-assets for funds, or for other crypto-assets
  • Executing orders for crypto-assets on behalf of clients
  • Reception and transmission of orders, and placing of crypto-assets
  • Advice and portfolio management on crypto-assets
  • Transfer services for crypto-assets on behalf of clients

Step by step: getting a crypto license in Italy

  1. Incorporate a legal entity with a registered office in the member state, with at least one director resident in the EU.

  2. Build the application file: programme of operations, business plan, governance, AML/CFT, ICT resilience and client-asset segregation.

  3. Submit the application to the national competent authority.

  4. Completeness check: the authority has 25 working days to confirm the file is complete and request anything missing.

  5. Substantive assessment: the authority has 40 working days to grant or refuse the authorisation.

  6. Once authorised, notify the passport to the host member states you intend to serve, then begin operating across the EU.

Documents required in Italy

  • Programme of operations describing each crypto-asset service you will provide
  • Business plan with three-year financial projections
  • Evidence of prudential safeguards (own funds or qualifying insurance)
  • Governance arrangements, organisational chart and internal-control description
  • AML/CFT policies and the appointment of a compliance officer
  • ICT security, business-continuity and DORA-aligned resilience policies
  • Custody and client-asset segregation arrangements
  • Complaints-handling procedure and conflict-of-interest policy
  • Fit-and-proper evidence for directors and qualifying shareholders (CVs, criminal-record certificates)

Ongoing obligations in Italy

  • Maintain prudential safeguards and own funds at or above the class minimum
  • Keep client crypto-assets segregated from the firm's own assets
  • Run continuous AML/CFT monitoring, screening and suspicious-activity reporting
  • Keep marketing communications fair, clear and not misleading
  • Operate complaints handling and manage conflicts of interest
  • Meet ICT resilience and incident-reporting duties under DORA
  • File periodic reports to the national competent authority

Key points: crypto & digital assets in Italy

  1. MiCA implementing decree

    Legislative Decree No. 129/2024 designates CONSOB as the lead authority for conduct/market-integrity supervision (issuing CASP authorizations with Banca d'Italia's opinion) and Banca d'Italia for prudential supervision and authorization of ART/EMT (stablecoin) issuers. Administrative sanctions can reach €5 million or 12.5% of annual turnover; unauthorized crypto-asset issuance can lead to imprisonment up to four years.

    bancaditalia.it gtlaw.com

  2. Transitional regime to 30 June 2026

    Legacy VASPs enrolled in the OAM register as of 27 December 2024 may continue operating under the old regime until 30 June 2026 if they applied for a MiCAR CASP authorization by 30 June 2025. CONSOB has set 15 April 2026 as the first hard deadline for supervisory-fee payment; from 1 July 2026 only authorized CASPs may serve the Italian market.

    consob.it cointelegraph.com

  3. Banca d'Italia supervisory provisions

    On 30 September 2025 Banca d'Italia issued the 'Disposizioni di vigilanza in materia di cripto-attività', operationalising prudential, organisational, governance, ICT and AML standards for CASPs and ART/EMT issuers under MiCAR and the Italian decree.

    bancaditalia.it bancaditalia.it

  4. 2026 tax framework

    From 1 January 2026, capital gains on crypto-assets are taxed at 33% (up from 26%) and the previous €2,000 annual exemption is abolished; MiCAR-compliant euro-denominated stablecoins benefit from a reduced 26% rate. A 0.2% IVAFE wealth tax applies and an optional 18% step-up tax on holdings as of 1 January is available.

    en.spaziocrypto.com koinly.io

  5. DAC8 reporting

    From 1 January 2026 all EU-registered crypto-asset service providers (and reporting non-EU providers) must automatically report user transaction data and year-end balances to national tax authorities under the EU DAC8 directive, transposed into Italian law.

    en.spaziocrypto.com

  6. Token classification, CONSOB approach

    CONSOB has aligned with ESMA guidelines on the classification of crypto-assets as financial instruments under MiFID II. Tokens that qualify as financial instruments/products are subject to Italian prospectus and securities-law obligations; non-financial crypto-assets fall under MiCAR's lighter white-paper regime.

    consob.it en.spaziocrypto.com

Crypto license in Italy: FAQ

Do you need a license to run a crypto business in Italy?

Yes. To provide crypto-asset services in Italy you need a MiCA CASP authorisation (Crypto-Asset Service Provider), supervised by CONSOB, under the EU Markets in Crypto-Assets Regulation (MiCA), Title V.

Which authority issues crypto licenses in Italy?

CONSOB.

How much does a crypto license cost in Italy?

An application fee of roughly €5,000–€25,000, plus ongoing supervisory fees.

How long does it take to get a crypto license in Italy?

Typically about 40 working days of substantive review; 1–3 months for a well-prepared application.

What documents do you need for a crypto license in Italy?

The application file centres on programme of operations describing each crypto-asset service you will provide; business plan with three-year financial projections; evidence of prudential safeguards (own funds or qualifying insurance); governance arrangements, organisational chart and internal-control description; plus fit-and-proper evidence for directors and qualifying shareholders.

What is the application process for a crypto license in Italy?

Incorporate a legal entity with a registered office in the member state, with at least one director resident in the EU. Build the application file: programme of operations, business plan, governance, AML/CFT, ICT resilience and client-asset segregation. The authority then assesses the file and, once authorised, you can begin operating.

Does a Italy crypto license work in other EU/EEA countries?

Yes: a single MiCA CASP licence passports across all 27 EU member states.

Timeline of decisions

  1. Decision
    Bank of Italy research suggests stablecoins aren't necessarily cheaper for remittances

    CoinDesk Policy

  2. Enforcement · official
    Consob blocks unauthorized crypto sites using MiCAR powers

    Italy's securities regulator Consob continued ordering ISP blackouts of websites offering crypto-asset services to Italians without authorization, exercising powers granted by Legislative Decree 129/2024 and MiCAR; cumulative blocked sites have surpassed 1,400 since 2019. Shows active enforcement of the new licensing regime.

    Consob

  3. Guidance · official
    Deadline for crypto VASPs to obtain MiCAR/CASP authorization

    Consob set 30 December 2025 as the cut-off by which virtual asset service providers (formerly OAM-registered) must hold full crypto-asset service provider (CASP) authorization under MiCA or cease Italian operations. It marks the transition from Italy's interim AML-based crypto regime to the EU's full licensing framework.

    CONSOB

  4. Law
    Law Decree 95/2025 extends MiCA transitional regime to mid-2026

    Italy extended the transitional window for incumbent virtual-asset providers, pushing the deadline to obtain a MiCAR licence from Bank of Italy/Consob and the full entry into force of the obligation to 30 June 2026. Gives Italian crypto firms more time to authorize under the new EU framework.

    CMS

  5. Guidance · official
    Consob Resolution no. 23458 adopts MiCAR implementing rules

    Consob issued secondary regulation operationalizing the supervision of crypto-asset service providers and offerings under MiCAR and Decree 129/2024. Completes the Italian rulebook governing how CASPs are authorized and conduct business.

    Consob

  6. Law · official
    Legislative Decree 129/2024 adapts Italian law to MiCA

    Italy enacted D.Lgs. 129/2024 designating Consob and Banca d'Italia as the competent authorities for crypto-assets under EU Regulation 2023/1114, with investigative, supervisory and sanctioning powers (fines up to €15m). It created the national licensing/supervision architecture for crypto-asset issuers and service providers.

    Banca d'Italia

  7. Law
    Legislative Decree 129/2024 implements MiCAR in Italy

    Published in the Official Gazette, the decree designates Banca d'Italia and Consob as the competent authorities for crypto-assets and adapts the Banking and Finance Acts to MiCAR. Establishes the institutional architecture for crypto supervision in Italy.

    Greenberg Traurig

  8. Guidance
    Agenzia delle Entrate issues Circolare 30/E on crypto taxation

    Italy's tax authority published official guidance clarifying how the 2023 Budget Law's crypto-asset income rules apply, including computation of capital gains, losses and the optional reporting regimes. Provides taxpayers operational clarity on the new 26% regime.

    CMS

  9. Law
    2023 Budget Law introduces 26% tax on crypto gains

    Italy's Budget Law (Law 197/2022) created a dedicated income-tax regime taxing capital gains on crypto-assets at 26% (above a then-€2,000 threshold), plus a value-revaluation option. First comprehensive statutory tax treatment of crypto for individuals in Italy.

    CoinDesk

  10. Law
    OAM crypto register becomes operational

    Following the MEF decree of 13 January 2022, crypto exchange and wallet providers had to enroll in a dedicated section of the OAM register and report client/transaction data to operate in Italy. Created the first mandatory licensing-style gateway for crypto businesses, on AML grounds.

    CMS

  11. Law · official
    MEF decree creates mandatory OAM register for crypto operators

    A Ministry of Economy and Finance decree required virtual currency exchange and wallet providers to enroll in a special section of the OAM register (operational from 16 May 2022) to operate in Italy, for AML monitoring purposes. It was Italy's first dedicated registration regime for crypto service providers.

    OAM (Organismo Agenti e Mediatori)

  12. Law
    Legislative Decree 125/2019 transposes EU 5th AML Directive

    Implementing Directive (EU) 2018/843, the decree broadened Italy's anti-money-laundering perimeter over virtual-currency and wallet service providers. Extended AML obligations and laid groundwork for the OAM registration requirement.

    Global Legal Post

  13. Law
    Growth Decree (Law 58/2019) gives Consob website-blocking power

    Conversion law of the 'Decreto Crescita' empowered Consob to order ISPs to black out websites of abusive financial intermediaries, a tool later extended to unauthorized crypto-asset services. Underpins Italy's ongoing crackdown on illegal crypto platforms.

    FX News Group

  14. Guidance · official
    Banca d'Italia warns on use of virtual currencies

    The central bank issued a formal public warning describing the risks of Bitcoin and similar assets, volatility, lack of regulation/guarantee, and money-laundering exposure. Italy's first official position on crypto, signaling caution while no specific rules yet existed.

    Banca d'Italia

Sources

  1. bancaditalia.it/compiti/vigilanza/accesso-mercato/soggetti-mercato-cripto-attivita/ca
  2. bancaditalia.it/compiti/vigilanza/accesso-mercato/soggetti-mercato-cripto-attivita/in
  3. bancaditalia.it/media/approfondimenti/2024/micar/index.html
  4. bancaditalia.it/compiti/vigilanza/avvisi-pub/2025.09.04-comunicazione/Comunicazione-0
  5. consob.it/web/area-pubblica/sezione-micar
  6. esma.europa.eu/esmas-activities/digital-finance-and-innovation/markets-crypto-assets
  7. eba.europa.eu/regulation-and-policy/asset-referenced-and-e-money-tokens-mica
  8. gtlaw.com/en/insights/2024/9/new-italian-rules-for-virtual-asset-service-provid
  9. hoganlovells.com/en/publications/italian-legislative-decree-implementing-micar
  10. en.spaziocrypto.com/regulation/italy-crypto-tax-2026-33-percent-rate-dac8-june-30-deadlin
  11. koinly.io/guides/crypto-tax-italy/
  12. cointelegraph.com/news/italy-consob-mica-deadlines-crypto-vasps
  13. en.spaziocrypto.com/regulation/consob-casp-mica-italy-crypto-deadline-april-2026/

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