Implementation of MiCAR in Italy: authorization of crypto-asset service providers

On 22 October 2025, Banca d'Italia hosted a workshop in Rome on the 'Implementation of MiCAR in Italy: Authorization of Crypto-Asset Service Providers'. The initiative is part of a broader effort to strengthen the dialogue between the supervisory authorities and the crypto-asset industry.

The event was attended by representatives of associations of financial intermediaries, academia, Banca d'Italia, the Financial Intelligence Unit, and CONSOB.

The workshop provided an opportunity for the authorities to share their initial insights regarding the ongoing authorization campaign and to outline supervisory expectations to market participants. The associations provided comments and reflections on the main challenges faced by market participants in preparing authorization applications. The complexity and burden of the regulatory framework was emphasized, especially for smaller entities such as those operating in Italy. Among the key issues raised were the tax treatment of crypto-assets and the interplay between PSD2 and MiCAR, which may result in overlapping regulatory requirements and the potential duplication of compliance obligations for firms offering integrated services. The participants underlined the importance of applying the principle of proportionality and expressed their hope for an open and ongoing dialogue to support the sector's development in an increasingly competitive international landscape.

Traditional financial intermediaries highlighted the growing interest in crypto-assets, while also stressing the need for caution due to the inherent risks in the sector and the importance of achieving sufficient scale to justify direct engagement.

The presentations were followed by a debate, during which the authorities reaffirmed their commitment to engage with industry participants and to continue bilateral consultations with firms intending to submit an application. They reiterated the importance of an open yet rigorous approach, aimed at ensuring sound risk management practices ('same risks, same rules'), also for smaller entities, in light of financial market interconnections.