Italian Stock market regulator Consob and Banca d’Italia authorized eight Italian firms to operate as Crypto-Asset Service Provider (CASP) (press release)
On 30 June, Tuesday, Consob said: “The transitional period ends on 1 July, Wednesday, as the MiCAR (Markets in Crypto-Assets Regulation – EU Rules 2023/1114) decided for the VASP (Virtual Asset Service Providers) which operated in accordance with national regulations. Now on, in the European Union only MiCAR – compliant CASPs can provide services relating to crypto-assets to European clients and to intermediaries already subject to supervision who have notified their intention to provide services relating to crypto-assets. The provision of such services without authorisation would constitute a breach of European Union regulations”.
CheckSig, Olliv Italia, RIV-Digital, Conio, CryptoSmart, Hercle , Hodlie (aka hodli), and Young Platform are the only Italian CASPs while Banca Sella notified Banca d’Italia with the provision of services relating to crypto-assets (see here a previous post by BeBeez).
These firms will be part of ESMA registry of service providers for Crypto-assets which is currently updating; as of today, only the first four out of a total of 230 across Europe are part of it, and they will be able to offer their services in all EU countries under the ‘European passport’ scheme.
Operators without a CASP status in at least one EU country must cease their activities, limiting themselves to carrying out tasks necessary for the closure of existing client relationships, enabling the transfer and/or liquidation of their positions in accordance with the rules of conduct and obligations relating to anti-money laundering and countering the financing of terrorism, whilst safeguarding clients’ interests and mitigating risks to the market.
Binance failed to secure approval from the Greek regulators and will now have to apply for a licence elsewhere in the coming months (press release). In the meantime, the platform will have to suspend the provision of its services in Europe, with the exception of withdrawals to other MiCAR-compliant platforms.
The Law Decree n. 95 – 30 June 2025 (Omnibus) introduced in Italy authorisation requirement. The art. 10 extended the transitional regime for operators that are part of the VASP Register (Register of Virtual Currency Service Providers, that the Organisation of Agents and Brokers – OAM manages) and the deadline for compliance with the European MiCAR authorisation regime (see here a previous post by BeBeez). VASP were then able to continue operating under the previous national legislation until 30 December 2025, but they were and are able to continue their activities until 30 June, Tuesday, provided that they submitted an application for authorisation as a CASP by 30 December 2025, either in Italy or in another EU Member State, or that they are part of a group that submitted such an application by the same date.
