CASP authorisation in Italy under MiCA
CASP authorisation in Italy runs through a two-authority architecture. CONSOB sits as the lead competent authority on the conduct and market-abuse side; Banca d’Italia handles the prudential dimension and the issuance of Asset-Referenced and Electronic-Money Tokens. The legal framework is the directly-applicable MiCA Regulation, overlaid by Italian implementing law. The OAM register adds an Italian-specific procedural layer for incumbents. This piece walks through who grants what, what the dossier needs, and what changes at grant.
1. Legal basis
- Regulation (EU) 2023/1114 — MiCA, directly applicable
- Decreto Legislativo n. 129 del 5 settembre 2024 — Italian implementing decree
- Testo Unico della Finanza (TUF) amendments designating CONSOB and Banca d’Italia as competent authorities
- Pre-MiCA registration regime through the OAM — with transitional provisions
2. Who grants what
| Activity | Competent authority |
|---|---|
| CASP authorisation (Article 59 MiCA) | CONSOB (conduct) + Banca d’Italia (prudential) |
| ART issuer authorisation | Banca d’Italia |
| EMT issuance | Banca d’Italia (issuer must be CRR-bank or IMEL) |
| Prior VASP OAM registration (legacy) | OAM |
| AML supervision | UIF |
3. The MiCA services catalogue
Article 3(1)(16) MiCA lists the services a CASP can be authorised to provide — see our MiCA white paper piece for the full list. The selection drives capital, conduct and operational requirements.
4. Capital and prudential
Article 67 MiCA capital floors:
- €50,000 — for the lightest categories
- €125,000 — for exchange, execution, custody, portfolio management
- €150,000 — for the operation of a trading platform
Banca d’Italia scrutinises the ongoing own-funds calculation against the fixed-overheads requirement.
5. What goes in the dossier
Italian dossier with crypto-asset specifics:
- Programma di attività — services to be provided, customer journey, asset types in scope
- Piano industriale — three-year financial projections
- Governance — esponenti aziendali, fitness-and-properness
- ICT and operational-resilience framework aligned with DORA
- Custody and segregation — cold/hot wallet split, key-management framework, sub-custody arrangements
- Market-abuse policy — Articles 88 onwards MiCA
- AML / CTF programme with the Travel Rule implementation
- White papers where the CASP also issues tokens
- Italian-language requirement
6. OAM migration
7. Realistic timing
Article 63 MiCA: 25 working days for completeness, plus 40 working days for the substantive decision. End-to-end with pre-application and feedback rounds: six-to-nine months for a first-time applicant.
8. What switches on at grant
- Travel Rule on every crypto-asset transfer
- DAC8 from 2026
- AML obligations under D.Lgs 231/2007 — UIF reporting, AUA daily archive
- Market-abuse monitoring under MiCA Articles 88+
- CONSOB supervisory reporting
- Passporting notifications cross-border
9. FAQ
Do I file with CONSOB or Banca d’Italia?
Both, jointly. A single dossier is submitted; CONSOB leads on conduct, Banca d’Italia on prudential.
If I’m OAM-registered, am I CASP-authorised?
No. OAM registration is a different regime. MiCA requires a fresh CASP authorisation. Article 143 transitional provisions allow continued operation during the file process within defined windows.
How does Italian CASP compare to Spanish or French?
Substance is identical (MiCA is directly applicable). Procedural differences sit in the two-authority Italian architecture, the OAM migration and the Italian-language requirement. Spain runs a single CNMV track; France runs an AMF + ACPR split similar to Italy’s.
Are stablecoins included?
Yes — through ART (Title III) and EMT (Title IV) regimes at Banca d’Italia, separate from the CASP services authorisation at CONSOB.
Does the CASP authorisation passport into other EU member states?
Yes. Article 65 MiCA passport rules apply. See branch vs Freedom of Services.
What about market abuse?
Articles 88+ MiCA introduce specific market-abuse rules for crypto-assets. CONSOB supervises and reviews the firm’s market-abuse policy.
10. What to do, today
- Confirm whether services trigger CASP authorisation, ART/EMT issuance, or both.
- If OAM-registered, start the CASP dossier inside the transition window.
- Build custody segregation, market-abuse policy and Travel Rule implementation as core dossier elements.
- Pre-engage with CONSOB and Banca d’Italia before formal submission.
- Plan post-grant reporting alongside the application.
Related: MiCA white paper drafting · CASP in Spain · CASP in France
