Manimama's experts are well versed in the complexities of cryptocurrency regulation and are committed to sharing their findings with businesses and individuals navigating this dynamic sector
Indeed, our legal team recently finalized a comprehensive study on the national implementation of the Markets in Crypto-assets Regulation (MiCA) in various EU countries. The legal research not only highlights the differences in how MiCA is adopted at the national level, but also offers standard rules for compliance. Today we offer you an insight into the specifics of obtaining a cryptocurrency license in Italy under the new MiCA provisions.
Current requirements (prior to MiCA implementation)
In order to legally provide VASP services in Italy, it is necessary to be registered in a special crypto-registry maintained by the OAM. In order to enter the registry it is necessary (for legal entities, in accordance with the Decree of 13 January 2022, art. 3):
1. have a registered company (LLC).
2. have a physical address of the company (no minimum capital requirements for registration)
3. Send an electronic application in a satisfactory form to the OAM stating the following:
– name of the company;
– the legal form of the company;
– tax code/VAT number, if assigned;
– location of the physical address;
– surname, name, place and date of birth, tax number, if assigned, and details of the document identifying the legal representative;
– e-mail address for communication between the provider and OAM;
– indication of the type of activity performed as a service provider (VASP or e-wallet);
– indication of the type of services listed in Annex 2;
– appointment of a local AML officer;
– the means of carrying out the service, indicating the number and address of the physical points of activity, while including any ATMs (automated teller machines) and/or online transactions, indicating the web address through which the service is carried out.
4. The application shall be accompanied by a copy of the document identifying the person, legal representative, as well as the company’s statutory documents.
Has the jurisdiction enacted a law/draft law implementing MiCA?
The legislative decree to adapt national legislation to the provisions of MiCA (“Decree”) published on 24 June, 2024.
Who is the regulator under the law/draft law implementing MiCA?
Consob and Bank of Italy
- Consob: focuses on market transparency, correct information and investor protection.
- Bank of Italy: focuses on financial stability, prudential supervision and oversight of the payment system.
Requirements for future CASPs stipulated by the national legislation implementing MiCA, the presence of national peculiarities
Meet the requirements set out in MiCA.
The period of time by which the CASP must comply with the new requirements, as well as the procedure for notifying the regulator of compliance with the new requirements
Not stated in the Decree.
Is there a transition period before the full implementation of MiCA?
The Decree provides that CASP legal entities that as of 27 December 2024 are regularly registered, who submit an application for authorisation pursuant to the MiCA by 30 June 2025, can continue to provide services relating to the use of virtual currencies or digital wallets pursuant to the applicable discipline until 30 December 2025 or until the issue or denial of an authorisation if this date is earlier.
The ability of a CASP from a jurisdiction with a transition period to operate freely in a jurisdiction without a transition period starting from January 1, 2025.
Not stated in the Decree.
Liability provided for CASPs that continue to operate at the place of registration without meeting the new requirements
Anyone who offers tokens linked to assets to the public, provides services for crypto-assets, issues electronic money tokens or offers electronic money tokens to the public without the necessary authorisations – commits a crime punishable by 6 months to 4 years and with a fine of 2,066 to 10,329 euros.
Manimama Law Firm provides a gateway for the companies operating as the virtual asset wallet and exchange providers allowing to enter to the markets legally. We are ready to offer an appropriate support in obtaining a license with lower founding and operating costs. We offer KYC/AML launch, support in risk assessment, legal services, legal opinions, advice on general data protection provisions, contracts and all necessary legal and business tools to start business of virtual asset service provider.
The content of this article is intended to provide a general guide to the subject matter, not to be considered as a legal consultation.
