MiCAR in Italy
Italy applies the EU Markets in Crypto-Assets Regulation (MiCAR) through a regime under which only banks and electronic-money institutions may issue electronic-money tokens, asset-referenced tokens can be issued either by banks or by specially licensed issuers, and any other crypto-asset services—exchange, custody, brokerage, advice, placement, transfer and similar—must be carried out by fully authorised crypto-asset service providers (CASPs) unless the firm already holds an equivalent financial-services licence. Prudential, AML/CFT, payment-system and holder-protection supervision rest with the Bank of Italy, while market-conduct and transparency oversight is handled by CONSOB.
What MiCAR covers. The Regulation creates an EU‑wide regime for three categories of tokens:
electronic‑money tokens (EMTs), asset‑referenced tokens (ARTs) and all other crypto‑assets.
Rules on issuing or offering EMTs/ARTs apply from 30 June 2024. All remaining MiCAR provisions (including the full CASP licensing regime) apply from 30 December 2024
Asset-referenced tokens (ARTs) may be issued, offered to the public or admitted to trading only by two categories of firms: dedicated “specialised ART issuers,” which must obtain a new MiCAR licence from the national competent authority, and banks, which are allowed to carry out the same activity after submitting a simple notification.
Electronic-money tokens (EMTs) can likewise be issued, offered or have trading sought solely by banks and electronic-money institutions; these entities are not required to secure a separate licence but must notify the competent authority before beginning the activity.
All other crypto-asset services—exchange operation, custody and administration, brokerage, placement, transfer, advice and similar functions—must be performed by entities that hold a crypto-asset service provider (CASP) licence under MiCAR, unless the firm is already authorised for the specific financial service within the EU framework; for most start-ups, a full CASP authorisation is therefore the necessary gateway to the Italian market.
Bank of Italy – prudential gate‑keeper for EMT and ART issuers and for all CASPs; conducts AML/CFT supervision of CASPs; responsible for EMT‑holder protection; may intervene where a crypto‑asset threatens payment‑system stability.
CONSOB – market‑conduct, transparency and investor‑protection authority for ARTs and for crypto‑asset services; may intervene to safeguard market integrity.
1. Classify your business model
Decide whether you will (a) issue EMTs, (b) issue ARTs, or (c) act as a CASP.
2. Choose the right corporate form
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To issue EMTs you must already be (or become) a bank or an electronic‑money institution.
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To issue ARTs you may either seek a specialised issuer licence or operate as a bank.
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To deliver services, incorporate an entity eligible for a CASP licence.
3. Engage early with supervisors
The Bank of Italy invites informal pre‑filing meetings and will publish a technical note explaining how to submit documentation; start‑ups are urged to open a dialogue before lodging notifications or applications.
4. Prepare the application/notification packageThe communication signals the Bank’s expectations that applicants will submit:
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a white paper and website disclosures explicitly stating that the token is issued in compliance with MiCAR;
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a viable business plan showing sustainable earnings, clear use‑cases and an exit/redemption strategy (EMTs must guarantee redemption at par value);
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governance arrangements with directors and senior managers who have demonstrable crypto/DLT expertise and the time to perform their roles;
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a risk framework covering traditional financial risks and technology‑specific risks (DLT infrastructure, smart‑contract failure, private‑key custody, third‑party outsourcing, network concentration);
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an AML/CFT programme tuned to crypto‑specific threats (self‑hosted wallets, mixers, high‑risk jurisdictions, potential sanctions evasion);
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customer‑handling and complaints procedures reflecting the particular rights of EMT or ART holders (including 24/7 redemption for EMTs).
5. Submit and follow up
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Notification route (banks/EMIs issuing EMTs; banks issuing ARTs): send the file to the designated competent authority; issuance may begin once acknowledgement is received.
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Authorisation route (specialised ART issuer or CASP): complete the full licensing file; Bank of Italy will scrutinise compliance with prudential, operational and consumer‑protection standards before granting approval.
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- Maintain capital, risk and governance arrangements proportionate to your activity; embed board‑level oversight of all crypto initiatives.
- Operate custody and private‑key security controls; perform due diligence on any outsourced wallet or technology provider.
- Keep white papers, website disclosures and marketing current and consistent; clarify that tokens comply with MiCAR.
- Monitor transaction patterns for AML anomalies and sanctions‑evasion red flags; adjust controls as volumes and token types evolve.
- Update complaints, redemption processes (for EMTs) and client‑information channels to ensure holder protection remains effective.
Behind Licentium
Our Edge
Licentium is a specialized platform that connects crypto-asset issuers and service providers with an international network of lawyers, regulatory consultants, and former supervisors. Projects can map applicable rules in key jurisdictions through a single interface, obtain jurisdiction-specific launch advice, arrange the drafting of white papers and licensing applications, and schedule ongoing compliance health-checks. The platform’s curated expert pool spans financial services, data protection, and corporate law, enabling founders to address cross-border requirements—from MiCA in the EU to securities, AML, and consumer-protection regimes elsewhere—within coherent project timelines and budgets.
