Licentium

Fintech Licensing Hub

Italy

Italy regulates crypto under MiCA through Legislative Decree 129/2024, with CONSOB as competent authority for CASP authorisation and conduct and the Bank of Italy for prudential supervision of asset-referenced and e-money tokens; it ran a compressed transition off its OAM-register VASP regime, requiring applications by 30 December 2025 with a hard stop of 30 June 2026. Payments and e-money run under the Consolidated Banking Act and Legislative Decree 11/2010 (PSD2), supervised by the Bank of Italy, with the Instant Payments Regulation and DORA in force and PSD3/PSR moving toward adoption. Gambling is regulated by the Customs and Monopolies Agency (ADM): a mature, fully-licensed remote market whose 2025 tender awarded nine-year concessions at a EUR 7 million fee — and Italy is in the euro area and banking union, and taxes individual crypto gains at 33% from 2026 (with a 26% carve-out for euro stablecoins).

Available licences

Crypto-Asset Service Provider authorisation (CONSOB under MiCAR and D.Lgs. 129/2024)

Custody, operation of a trading platform, exchange of crypto-assets for funds or other crypto-assets, execution, placing, reception and transmission of orders, advice, portfolio management and transfer services require authorisation under Article 63 MiCAR, issued by CONSOB after consultation with the Bank of Italy; an authorisation passports across the EEA.

Asset-Referenced Token (ART) issuer authorisation (Bank of Italy prudential; CONSOB conduct)

Public offering or admission to trading of a token referencing a basket of values, rights or currencies requires authorisation as an ART issuer under Title III MiCAR, with the Bank of Italy as prudential supervisor and CONSOB overseeing conduct and disclosure.

E-Money Token (EMT) issuer (credit institution or EMI; Bank of Italy)

EMTs (including fiat-backed stablecoins) may be issued only by an authorised credit institution or e-money institution, with redemption at par; the Bank of Italy is the prudential supervisor.

Article 60 MiCAR notification route (existing financial entities)

Credit institutions, investment firms, e-money and payment institutions and other authorised entities may provide specified crypto-asset services by notifying the competent authority at least 40 working days before starting.

Payment Institution authorisation (Bank of Italy under the TUB / D.Lgs. 11/2010)

A licence to provide payment services under the Consolidated Banking Act and the Italian PSD2 transposition, supervised by the Bank of Italy and passportable across the EEA.

E-Money Institution authorisation (Bank of Italy)

A licence to issue electronic money and provide related payment services, with EUR 350,000 minimum initial capital, supervised by the Bank of Italy.

Account Information and Payment Initiation Services (Bank of Italy)

Open-banking providers — account information and payment initiation service providers — fall within the Italian PSD2 framework, supervised by the Bank of Italy, with strong customer authentication.

Banking authorisation (Bank of Italy and the ECB/SSM)

Deposit-taking and lending require a banking licence; in the banking union the European Central Bank grants the licence and directly supervises significant institutions, with the Bank of Italy supervising less-significant ones.

Investment firm authorisation (SIM — CONSOB and Bank of Italy, MiFID II)

Investment services in financial instruments require authorisation as a SIM under the Consolidated Finance Act transposing MiFID II, supervised by CONSOB and the Bank of Italy.

Online gambling concession (ADM)

A nine-year ADM concession to offer remote betting, casino games, poker or bingo, awarded through periodic public tenders; applications are made per vertical, and "skins"/affiliated sites are prohibited.

Land-based gambling concession and TULPS authorisation (ADM)

Land-based betting, gaming machines (AWP/VLT) and casino-type activities require an ADM concession plus a public-security authorisation under the TULPS; lotteries are monopolistic concessions held by large groups.

Detailed overview

Italy at a glance

Italy combines a twin-peaks financial supervisor, a rising crypto-tax rate and a mature, fully-licensed gambling market. Crypto is supervised by CONSOB (CASPs and conduct) and the Bank of Italy (ART/EMT prudential) under D.Lgs. 129/2024; the transition required applications by 30 December 2025, with a 30 June 2026 hard stop. Payments run under the TUB and D.Lgs. 11/2010 with the Bank of Italy as supervisor and the Instant Payments Regulation and DORA in force. Gambling runs under ADM concessions, with the 2025 tender consolidating the remote market. The euro is the currency, and Italy sits inside the euro area and banking union.

Crypto regime under MiCA — CONSOB-led, Bank of Italy on prudential:

  • MiCA + national implementing law — Regulation (EU) 2023/1114 (MiCAR); Legislative Decree 129/2024 (the MiCAR Italian Decree), as amended by Decree-Law 95/2025 (converted into Law 118/2025), plus CONSOB Communications 1/24 and 16/25
  • Competent authorities — CONSOB for CASP authorisation, conduct, market integrity and market abuse; the Bank of Italy for prudential supervision of ART/EMT issuers and AML
  • Grandfathering — closed (compressed). VASPs registered in the OAM register as of 27 December 2024 could operate under the prior regime until 30 December 2025; to continue, they had to apply for CASP authorisation (in Italy or another Member State) by 30 December 2025, after which they could continue pending a decision until 30 June 2026 at the latest. That window has expired
  • Pre-MiCA heritage — a light-touch VASP registration with the OAM (AML-only, with quarterly reporting); MiCA is far broader, with no simplified conversion
  • Process and fee — pre-filing engagement with CONSOB, then an Article 62 application; CASPs must be joint-stock, limited-liability or cooperative entities with fit-and-proper management, IAS/IFRS reporting and external audit; a EUR 20,000 application fee applies, and unauthorised provision is a criminal offence
  • AML/CFT — Italian AML rules apply, with the Bank of Italy and FIU; the EU AML package (Regulation (EU) 2024/1624 / AMLR, with AMLA in Frankfurt) applies from 10 July 2027
  • TFR / DORA — the Travel Rule (Regulation (EU) 2023/1113) applies from 30 December 2024 and DORA from 17 January 2025
  • Tax — individual crypto gains are taxed via a substitute tax: 26% in 2025, rising to 33% from 1 January 2026 (the 2025 and 2026 Budget Laws), with the former EUR 2,000 exemption abolished; a carve-out taxes gains on MiCAR-compliant euro-denominated stablecoins at 26%. An optional 18% step-up (rivalutazione) on holdings is available, a 0.2% wealth tax applies to foreign-held or self-custodied crypto (with Quadro RW reporting), and DAC8 reporting runs from 1 January 2026. Corporate profits face IRES (24%) plus IRAP (3.9%)

Payments and e-money regime (Bank of Italy-led):

  • PSD2 — Directive (EU) 2015/2366; transposed by Legislative Decree 11/2010 (as amended), with institutions authorised under the Consolidated Banking Act (TUB), supervised by the Bank of Italy
  • Payment Institution licensing — initial capital EUR 20,000 (money remittance), EUR 50,000 (payment initiation) and EUR 125,000 (other payment services)
  • EMD2 / E-Money Institution — Directive 2009/110/EC; EUR 350,000 initial capital; stablecoin (EMT) issuers must be EMIs or credit institutions
  • Instant Payments Regulation (Regulation (EU) 2024/886) — euro instant payments: receiving applicable from 9 January 2025 and sending from 9 October 2025
  • DORA (Regulation (EU) 2022/2554) — applicable from 17 January 2025
  • PSD3 / PSR — Commission proposals of 28 June 2023; provisional political agreement reached 27 November 2025, with final compromise texts published 23 April 2026 and formal adoption expected during 2026; the package will repeal PSD2 and EMD2 and fold e-money institutions into payment institutions, with PSD3 transposed nationally and the PSR directly applicable after a phased timeline
  • Banking — in the banking union the ECB grants banking licences and directly supervises significant institutions, with the Bank of Italy supervising less-significant ones
  • Currency: euro (since 1999/2002); no exchange controls

Gambling regime — ADM-licensed, mature and consolidated:

  • Framework — online gambling has been licensed since 2011; the Gambling Reorganisation Decree (Decreto 41/2024) modernised remote licensing, with land-based gaming under the TULPS and the 2025 Budget Law and Decree-Law 96/2025 setting fiscal terms
  • Regulator — the Customs and Monopolies Agency (ADM), which licenses, supervises, taxes and blocks illegal operators (with a published blacklist)
  • 2025 remote tender — bidding ran 31 March–30 May 2025; in September 2025 ADM awarded 52 nine-year concessions to 46 operators (from 93 applications previously), at a EUR 7 million fee per concession plus an annual fee of 3% of the net gaming margin — a sharp consolidation
  • Verticals — remote betting, casino games, poker and bingo; only ".it" sites bearing the ADM logo are authorised
  • Tax — gross-gaming-revenue based: online sports betting 24.5%, online casino 25.5%, retail betting and horse-race betting 20.5%
  • Restrictions — a near-total ban on gambling advertising and sponsorship (the Dignity Decree), a EUR 100 weekly cash limit, deposit limits, self-exclusion and session controls
  • Minimum age — 18; no EU passport (gambling is licensed nationally)

Last verified: July 2026. Reference rate: USD 1 = EUR 0.87 (EUR 1 = USD 1.15).

Italy is a twin-peaks, euro-area jurisdiction: crypto runs under MiCAR with CONSOB for CASPs and the Bank of Italy for stablecoins, payments sit under the TUB and D.Lgs. 11/2010, and gambling is a mature, ADM-licensed market that has just consolidated through a high-fee 2025 concession tender.

Is there a crypto licence in Italy?

Yes. Italy applies MiCAR through Legislative Decree 129/2024, with CONSOB authorising CASPs (after consultation with the Bank of Italy) and the Bank of Italy supervising ART/EMT issuers prudentially. The transition required applications by 30 December 2025, with a 30 June 2026 hard stop, so operating now requires authorisation, a valid MiCA passport, or an Article 60 notification.

The legal foundation:

  • Regulation (EU) 2023/1114 (MiCAR) — the directly applicable EU framework for offerings, admission and crypto-asset services
  • Legislative Decree 129/2024 — implements MiCAR, designates CONSOB and the Bank of Italy, and sets sanctions
  • Italian AML rules — AML/CFT obligations and FIU reporting
  • Regulation (EU) 2023/1113 — Travel Rule for crypto-asset transfers

Structure:

  • An Italian joint-stock, limited-liability or cooperative entity with fit-and-proper management and qualifying shareholders
  • MiCAR own-funds floors by class — EUR 50,000 (Class 1), EUR 125,000 (Class 2), EUR 150,000 (Class 3) — with the higher of the floor or a fixed-overheads measure
  • IAS/IFRS reporting with external audit, AML systems, a white paper for in-scope offerings, custody and client-asset segregation, market-abuse and consumer-protection systems, and a business plan — submitted to CONSOB with a EUR 20,000 application fee

Operational reality:

  • Italy is a large market with a structured CONSOB pre-filing process, but the authorised-CASP base is still building and the rising tax rate is a consideration
  • The euro-stablecoin tax carve-out (26% versus 33%) is a notable feature for EMT-focused models
  • New activity should be structured through authorisation, a valid passport or an Article 60 notification — not the closed transitional regime

Official CASP roadmap: CONSOB maintains MiCAR guidance (including Communications 1/24 and 16/25), operates a pre-filing process, charges a EUR 20,000 application fee, and coordinates with the Bank of Italy; the transitional regime required applications by 30 December 2025 and ends finally on 30 June 2026.

Payments & E-money (Bank of Italy — PSD2 / EMD2)

Best for payment, remittance, acquiring, wallet and open-banking operators that want a large euro-area market.

What it is: Authorisation as a payment institution or e-money institution under the Consolidated Banking Act and Legislative Decree 11/2010, supervised by the Bank of Italy and passportable across the EEA.

Who it suits: Money-remittance and transfer providers, acquirers, card and wallet issuers, payment-initiation and account-information providers, and e-money issuers (including stablecoin issuers, who must be EMIs or credit institutions).

Covers: The payment services under the Italian PSD2 framework — incoming and outgoing transactions, transfers, card and instrument-based payments, money remittance, payment initiation and account information — plus issuance of electronic money.

Operational requirement: An Italian entity; minimum initial capital by service type; ongoing own-funds and safeguarding of client funds; strong customer authentication; AML/CFT; DORA operational-resilience obligations; and fit-and-proper management.

Headline figures

  • Primary instruments: Consolidated Banking Act (TUB); Legislative Decree 11/2010 (PSD2 / EMD2); Instant Payments Regulation (EU) 2024/886; DORA (Regulation (EU) 2022/2554)
  • Regulator: Bank of Italy (authorisation and supervision)
  • Entry capital: payment institutions EUR 20,000 / 50,000 / 125,000 by service type; e-money institutions EUR 350,000
  • Instant payments: euro instant payments receiving from 9 January 2025 and sending from 9 October 2025
  • Reform pipeline: PSD3 / PSR — political agreement November 2025, compromise texts April 2026, adoption expected during 2026; EMD2 to be repealed and EMIs folded into payment institutions
  • Currency: euro (euro-area member); no exchange controls

Is there a gambling licence in Italy?

Yes. The ADM licenses a mature, fully-regulated market — remote betting, casino, poker and bingo, plus land-based gaming — through periodic concession tenders; the 2025 tender awarded nine-year remote concessions at a EUR 7 million fee.

The legal foundation:

  • Online gambling framework (from 2011) and the Gambling Reorganisation Decree (Decreto 41/2024) — remote licensing; the TULPS and the 2025 Budget Law govern land-based gaming and fiscal terms
  • ADM — licensing, supervision, taxation and enforcement
  • Concession model — concessions are awarded through periodic public tenders, not open-ended licensing

Structure:

  • Remote concessions cover betting, casino, poker and bingo, applied for per vertical; only ".it" sites with the ADM logo are authorised
  • Land-based gaming requires an ADM concession plus a TULPS public-security authorisation
  • Lotteries are monopolistic concessions held by large groups

Gambling — Remote concession (ADM)

Best for well-capitalised operators able to meet the EUR 7 million concession fee and Italy's strict technical and responsible-gaming standards in Europe's largest online market.

What it is: A nine-year ADM concession to offer remote betting, casino, poker or bingo.

Who it suits: Operators with the capital, technical infrastructure and AML/responsible-gaming systems to clear ADM's tender criteria.

Covers: The remote verticals applied for; land-based activity needs separate ADM/TULPS authorisations.

Operational requirement: EU-located certified servers and direct ADM connection, AML/KYC, responsible-gaming tools, the EUR 100 weekly cash limit, and compliance with the advertising ban and data-archiving rules.

Headline figures

  • Primary instruments: online gambling framework (2011); Gambling Reorganisation Decree (41/2024); 2025 Budget Law; TULPS
  • Regulator: Agenzia delle Dogane e dei Monopoli (ADM)
  • Concession: nine-year term; EUR 7 million fee (EUR 4m on award, EUR 3m on launch) plus 3% of net gaming margin annually
  • 2025 tender: 52 concessions awarded to 46 operators
  • Tax: online sports betting 24.5% GGR; online casino 25.5% GGR; retail and horse-race betting 20.5% GGR
  • Restrictions: near-total advertising and sponsorship ban; EUR 100 weekly cash limit; minimum age 18

Costs and timelines at a glance

  • Crypto: MiCAR via D.Lgs. 129/2024, CONSOB for CASPs and Bank of Italy for ART/EMT prudential; own-funds floors EUR 50,000 / 125,000 / 150,000 by class; EUR 20,000 application fee; 40-working-day decision after completeness; transition required applications by 30 December 2025, hard stop 30 June 2026
  • Payments primary instruments: TUB and D.Lgs. 11/2010 (PSD2 / EMD2); Instant Payments Regulation (EU) 2024/886; DORA
  • Payments regulator: Bank of Italy; banking licences via the ECB/SSM (banking-union member)
  • Reform pipeline: PSD3 / PSR — agreement November 2025, compromise texts April 2026, adoption expected during 2026
  • Gambling: ADM nine-year remote concessions (EUR 7m fee + 3% annual); GGR tax 24.5% (sports betting) / 25.5% (online casino); advertising ban
  • Tax: corporate IRES 24% plus IRAP 3.9%; individual crypto gains taxed at 33% from 2026 (26% for euro stablecoins), EUR 2,000 threshold abolished
  • Currency: euro (euro-area and banking-union member); no exchange controls
  • FX: USD 1 = EUR 0.87 (EUR 1 = USD 1.15)

Who Italy suits and who it does not

Suitable for

  • Crypto exchanges, custodians and token issuers wanting a MiCAR CASP authorisation in a large market with a structured CONSOB process and EEA passporting
  • Euro-stablecoin (EMT) issuers, given the Bank of Italy route and the 26% tax carve-out for MiCAR-compliant euro stablecoins
  • Already-licensed banks, investment firms, payment and e-money institutions that can add crypto-asset services through the Article 60 notification route
  • Payment, remittance, acquiring, wallet and open-banking operators seeking a large euro-area base
  • Well-capitalised gambling operators able to meet the EUR 7 million concession fee and Italy's strict standards in Europe's largest online market

Not suitable for

  • Firms wanting a low personal crypto-tax environment — the substitute rate is 33% from 2026 (with the euro-stablecoin carve-out at 26%)
  • Providers relying on a former OAM/VASP registration — the transition required applications by 30 December 2025 and ends on 30 June 2026
  • Smaller gambling operators — the EUR 7 million concession fee is driving consolidation, and advertising is heavily restricted
  • Operators expecting open-ended gambling licensing — concessions are awarded only through periodic tenders
  • Payment or e-money firms expecting to avoid EU prudential, safeguarding, DORA or AML obligations

Ready to launch without the regulatory guesswork?

Book a 30-minute consultation with a senior advisor and talk through your route.

Get Started