The Markets in Crypto-Assets Regulation (MiCA) introduces a unified regulatory framework for crypto-assets across the European Union (EU), promoting legal certainty, investor protection, and market stability. One of the core requirements under MiCA is obtaining a Crypto-Asset Service Provider (CASP) license, mandatory for businesses offering crypto asset services.
This licensing ensures compliance with strict standards on governance, security, and anti-money laundering (AML), enabling licensed CASPs to operate seamlessly across all EU member states. Whether you are an emerging startup or an established operator, obtaining a CASP license is essential to access the EU’s vast and dynamic market for digital assets.
In Italy, the National Commission for Companies and the Stock Exchange (CONSOB) with the help of the Bank of Italy are the competent authorities overseeing CASP licensing under MiCA. Businesses operating or planning to provide crypto-asset services in Italy must adhere to local implementation requirements alongside MiCA’s EU-wide provisions.
Our firm has a thorough knowledge of Italian law, ensuring that your compliance efforts are efficient and effective.
We can help your business meet compliance requirements and unlock the potential of the EU crypto market!
In Italy, the National Commission for Companies and the Stock Exchange (CONSOB) with the help of the Bank of Italy are the competent authorities overseeing CASP licensing under MiCA
Key Numbers about a CASP License in Italy
3 monthsaverage term of obtaining CASP license after application submission |
up to €150kamount of the share capital depending from CASP activity |
at least severaldirectors in a CASP |
24%corporate income tax (CIT) rate |
up to 43%personal income tax (PIT) rate |
24%capital gains tax (CGT) rate |
Legal Opinion about a CASP License in Italy
Ganna Voievodina
Manimama
|
CEO
“Obtaining a CASP license in Italy is essential for businesses offering crypto-asset services. Applicants must meet requirements, including robust AML/CFT compliance, a formal governance structure, and sufficient operational capital. Once licensed, CASPs must adhere to ongoing reporting obligations and maintain compliance with Italian and EU regulations. Do not hesitate to contact Manimama Law Firm if you want to go through the process of getting the license quickly and easily”
Types of Activities with a CASP License in Italy
Providing custody and administration of crypto-assets on behalf of clients
This service means safekeeping or controlling, on behalf of third parties, crypto-assets or the means of access to such crypto-assets, where applicable in the form of private cryptographic keys. Holdings of crypto-assets on behalf of the clients shall be segregated from CASP’s holdings
Operation of a trading platform for crypto-assets
This service contains of the management of one or more multilateral systems, which brings together or facilitates the bringing together of multiple third-party buying and selling interests for crypto-assets – in the system and in accordance with its rules – in a way that results in a contract, either by exchanging one crypto-asset for another, or a crypto-asset for funds
Exchange of crypto-assets for funds
This service means the conclusion of purchase or sale contracts concerning crypto-assets with clients for funds by using proprietary capital
Exchange of crypto-assets for other crypto-assets
This service means the conclusion of purchase or sale contracts concerning crypto-assets with clients for other crypto-assets by using proprietary capital
Execution of orders for crypto-assets on behalf of clients
This service means concluding agreements to buy or to sell one or more crypto-assets or to subscribe for one or more crypto-assets on behalf of third parties and includes the conclusion of agreements to sell crypto-assets at the moment of their issuance
Placing of crypto-assets
This service includes the marketing, on behalf of or for the account of the offeror or of a party related to the offeror, of crypto-assets to purchasers. Before placing the crypto-assets a CASP shall obtain the agreement of the issuers or any third party acting on their behalf
Reception and transmission of orders for crypto-assets on behalf of clients
This service means the reception from a person of an order to buy or to sell one or more crypto-assets or to subscribe for one or more crypto-assets and the transmission of that order to a third party for execution
Providing advice on crypto-assets
This service means offering, giving or agreeing to give personalized recommendations to a third party, either at the third party’s request or on the initiative of the a CASP providing the advice, in respect of one or more transactions relating to crypto-assets, or the use of crypto-asset services
Providing portfolio management on crypto-assets
This service includes managing portfolios in accordance with mandates given by clients on a discretionary client-by-client basis where such portfolios include one or more crypto-assets
Providing transfer services for crypto-assets on behalf of clients
This service means transfer, on behalf of a natural or legal person, crypto-assets from one distributed ledger address or account to another. Such service may be provided without virtual currency wallet opened for a CASP’s client
Benefits of Obtaining a CASP License in Italy
Regulatory compliance:
- Compliance with Italian and EU laws ensures that companies operate within the legal framework, minimizing the risk of fines or closure
- The CASP license demonstrates compliance with AML and CTF requirements, which builds confidence with regulators and stakeholders
Improved business credibility:
- Operating under a recognized license boosts the company's reputation in the industry and among investors
- Credibility enhances partnerships with financial institutions, technology providers, and other stakeholders
Market access:
- Licensed CASPs can legally serve the growing Italian cryptocurrency market, gaining access to a broad customer base
- The license facilitates cross-border operations within the EU, leveraging Italy’s compliance framework under MiCA regulations
Compliance with AML/CFT standards:
- A CASP license ensures the business is compliant with AML/CFT requirements, reducing the risk of financial crime penalties
- This compliance fosters trust among clients, regulators, and business partners
Alignment with EU standards:
- Italy's CASP framework prepares businesses for full compliance with the EU’s MiCA
- Early alignment with EU standards positions companies for seamless expansion across other member states
Customer protection measures:
- Licensed CASPs must adhere to policies that safeguard customer funds and data
- This helps prevent fraud and builds a long-term loyal client base
Our Services
STEP 1
Incorporation stage
- Company formation in Italy
- Provision of a registered address for 1 year
- Opening corporate bank account and transferring the share capital
- Appointment and employment of a local director
- Detailed company structure documentation
STEP 2
Pre-licensing stage
- Preparation and submission legal and financial documents (non-exhaustive list) according to MiCA
- Review of existing policies and procedures, if the company already has them
STEP 3
Licensing stage
- CASP license application assistance
- Conducting communication with the CONSOB during the license process
Our Experts in this Area
Step by Step Description
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Initial setup
- Initiating a preliminary project assessment
- Creating an action plan
- Preparation and filing of the package of documents
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Company registration
- Verification and reservation of the company name at the Chamber of Commerce
- Facilitating the notarial process for the company's official registration
- Incorporating the company's data into the Italian Business Register (Registro Imprese) belonging to the Chamber of Commerce
- Obtaining the Certificate of incorporation and Articles of Association issued by the Business Register
- Notifying the Economic and Administrative Index (REA) at the Chamber of Commerce of the business start date (the notification must be made via the ComUnica website within 30 days of the start date)
- Registering for tax purposes
- Opening of a corporate bank account
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Obtaining a CASP license
- Preparation of documents according to MICA
- Submission an application to the licensing authority - CONSOB
- Reviewing the application to ensure it is complete (if any documents or information are missing, the applicant will be notified and given a specific deadline to provide the necessary additional documentation)
- Assessment of the documents` content submitted (a detailed review to verify that all regulatory requirements are met)
- Requesting of additional details (if applicable)
- Notification of grant or refusal of the CASP license
- Granting or refusal notification to European Securities and Markets Authority (ESMA)
- Publication in ESMA register
Italian National Legislation
In Italy, the transition period means that applicants may continue to provide services related to the provision of virtual currency until June 30, 2025 and if such entities submit an application for license by this date, they will be allowed to continue operating until the authorisation is issued or refused, but no later than December 30, 2025
Regulation:
The legislative decree was published in the Official Journal on September 13, 2024 and entered into force on September 14, 2024 - DECRETO LEGISLATIVO 5 settembre 2024, n. 129 (MiCAR Decree).
It consists of 48 articles and 6 titles (general provisions and definitions; competent national authorities and cooperation between them, also with reference to the issuance of tokens subject to MiCA; special provisions relating, for instance, to the regulation of the crisis of token issuers; applicable sanctions; amendments and additions to the regulations of the specific sector with coordination provisions; transitional provisions and regime).
Licensing authority:
The CONSOB and Bank of Italy stand as the regulation authorities. Between these two bodies, functionality has been distributed in relation to all matters under MiCA. So, if we are talking about CASPs, the CONSOB authorizes them to provide crypto-assets services after consultation with the Bank of Italy. CASPs authorised in another EU Member State can provide their services in Italy on a cross-border basis. These CASPs authorised in another Member State who have the right to provide their services in Italy are also entered in the CONSOB’s public register, in the so-called list of notifications.
Procedure, timelines, fees:
Following the full application of MiCA, i.e. after 30 December 2024, the CONSOB must assess within 25 working days of receiving an application for authorisation whether all of the required information has been included in the application. At this stage, however, the CONSOB will not assess the quality of the information provided. The CONSOB may ask the applicant to supplement the application if some or all of the required information is missing. The CONSOB will set a deadline for the submission of any missing information. After the submission of missing information, the CONSOB will have 40 working days to make a qualitative assessment of the application. During this period, the CONSOB has the opportunity to submit additional requests for clarification, but only the first of these requests will suspend the 40 working day assessment period, for a maximum of 20 working days.
Transition period:
After the entry into force of MiCA, only entities registered in the Organismo Agenti e Mediatori (OAM) register as of December 27, 2024 can continue to operate for a period of 6 months – and therefore until June 30, 2025.
In the event that such entities submit an application for authorisation by June 30, 2025, either in Italy or in another Member State, they will be allowed to continue operating while the authorisation procedure is being carried out, until the authorisation is issued or refused, but in any case no later than December 30, 2025.
It must be noted that persons who do not intend to submit an application as a CASP by June 30, 2025 must therefore cease their operations in Italy by that date and arrange the termination of existing contracts and the return the crypto-assets and funds belonging to customers, according to the instructions given by the customers themselves.
All VASPs on the OAM register must inform clients and publicize online how they intend to ensure their activities are MiCA compliant. Or, if they do have no intention of applying for authorization to operate as a CASP, how they intend to manage the orderly closure of existing relationships as soon as these plans and measures are determined and in any event no later than May 31, 2025, specifying that activities carried out in relation to clients prior to authorization or termination will continue to be governed by the rules applicable to VASPs and not by MiCA rules.
Requirements for Obtaining a CASP License in Italy
Capital requirements for a CASP vary depending on what services the company will provide - from €50,000 to €150,000
Physical office requirements
A CASP shall have a registered office in Italy where it carries out at least part of their crypto-asset services.
Requirements for key persons
-
Senior managers (directors):
- Number: MICA does not specify a minimum and maximum number of directors. However, MICA states (part 2, article 59) that there shall be at least several directors.
- Residency requirements: At least one director must be an EU resident.
- General requirements: Directories must have a solid reputation, necessary skills, and relevant experience.
- Required documents:
- a clean criminal record
- a detailed CV
- statements on time commitment and past professional conduct.
-
Shareholders:
- Number: MICA does not specify a minimum and maximum number of shareholders.
- Residency requirements: There is no restriction.
- General requirements: Shareholders must have a solid reputation, necessary skills, and relevant experience.
- Required documents:
- a clean criminal record;
- an ownership structure chart.
Capital requirements
Capital requirements vary depending on what services the company will provide:
Class 1: A CASP authorized for the following crypto-asset services:
- execution of orders on behalf of clients
- placing of crypto-assets
- providing transfer services for crypto-assets on behalf of clients
- reception and transmission of orders for crypto-assets on behalf of clients
- providing advice on crypto-assets and/or
- providing portfolio management on crypto-assets.
Minimum capital requirements - €50,000.
Class 2: A CASP authorized for any crypto-asset services under Class 1 and:
- providing custody and administration of crypto-assets on behalf of clients
- exchange of crypto-assets for funds and/or
- exchange of crypto-assets for other crypto-assets.
Minimum capital requirements - €125,000.
Class 3: A CASP authorized for any crypto-asset services under Class 2 and:
- operation of a trading platform for crypto-assets.
Minimum capital requirements - €150,000.
Documentation requirements
There are list of documents that must be submitted with the application:
-
Documents required for all CASPs:
- The articles of association of the applicant CASP
- Identity and proof of good repute, knowledge, skills, experience and of sufficient time commitment of the members of the management body
- Information relating to shareholders or members with qualifying holdings
- A program of operations setting out the types of crypto-asset services that the applicant CASP wishes to provide, including where and how these services are to be marketed
- A description of the applicant CASP’s prudential safeguards (insurance policy)
- A description of the applicant CASP’s governance arrangements and internal control mechanisms
- A description of the applicant CASP’s business continuity plan
- Detection and prevention of money laundering and terrorist financing (full packet of policies)
- Descriptions both in technical and non-technical language of applicant CASP’s IT systems and security arrangements
- A description of the applicant CASP’s procedures to handle complaints from clients
- Documents required in case CASP wishes to offer services in other countries:
- List of EU countries where the company wishes to offer its services
- Documents required for certain services (each of the 10 services requires its own documents):
- Custody and administration policy
- A description of the procedure for the segregation of client’s crypto-assets and fund
- The operating rules of the trading platform and market abuse detection
- Information on the exchange of crypto-assets for funds or other crypto-assets (commercial policy)
- The execution policy
- Information on the provision of advice or portfolio management on crypto-assets
- Information on transfer services
Taxes in Italy
Capital gains from the use of virtual currencies are taxable at a rate of 26% if they amount to or exceed €2,000
Corporate Income Tax (CIT)
Italian legal entities are taxed by a corporate income tax, known as imposta sul reddito sulle società or IRES, and a regional production tax, known as imposta regionale sulle attività produttive or IRAP.
The rates are as follows:
- IRES is 24% on worldwide income
- IRAP is generally levied at a prime rate of 3.9%
IRES is levied on the total net income reported in the company's financial statements, subject to special tax rules. Non-resident companies are taxed only on income from Italian sources. Different IRAP rates are applicable for certain entities.
Capital Gains Tax (CGT)
Most gains on assets that fall into the scope of CGT are taxed at a rate of 26%. Capital gains from the use of virtual currencies are no exception and are taxable in Italy at a rate of 26% if they amount to or exceed €2,000. These gains are considered "miscellaneous income" for tax purposes. This kind of taxation applies to profits derived from:
- exchange of virtual currencies into euros
- exchange of NFT into another virtual currency
- purchasing goods or services with virtual currency
Personal Income Tax (PIT)
The IRPEF is the Italian tax on the income of individuals who are resident in Italy and/or earn income in Italy. The PIT in Italy is progressive, meaning that the tax rate increases as income rises. The PIT rates for Italy for are as follows:
- €0 - €28,000 - 23%
- €28,001 - €50,000 - 35%
- above €50,001 - 43%
Frequently Asked Questions
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What is a CASP license in Italy?The CASP license allows companies to legally offer crypto asset services in Italy.
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Who issues the CASP license in Italy?The CONSOB, after consultation with the Bank of Italy, issues CASP licenses.
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Why is a CASP license required in Italy?A CASP license ensures compliance with Italian and EU regulations. It aims to protect consumers, combat financial crimes like money laundering, and promote transparency in the crypto industry.
-
What services can be provided under a CASP license?
It allows services such as:
- 1) Providing custody and administration of crypto-assets on behalf of clients
- 2) Operation of a trading platform for crypto-assets
- 3) Exchange of crypto-assets for funds
- 4) Exchange of crypto-assets for other crypto-assets
- 5) Execution of orders for crypto-assets on behalf of clients
- 6) Placing of crypto-assets
- 7) Reception and transmission of orders for crypto-assets on behalf of clients
- 8) Providing advice on crypto-assets
- 9) Providing portfolio management on crypto-assets
- 10) Providing transfer services for crypto-assets on behalf of clients
-
What are the key requirements to obtain a CASP license in Italy?Companies must meet physical office requirements, requirements for managers and shareholders, minimum capital requirements, documentation requirements.
-
Is it mandatory to have a physical office in Italy to obtain a CASP license?Yes, a local office in Italy is required for regulatory oversight.
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Is there a minimum capital requirement for obtaining a CASP license?Yes, applicants must meet specific financial and operational adequacy standards, but the exact minimum capital depends on the services offered (€50,000, €125,000, €150,000).
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What is the process for applying for a CASP license?The process involves submitting an application to CONSOB with detailed documentation on the company structure, management, AML policies, and financial plans, etc.
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How long does it take to obtain a CASP license?The preparation of documents and the review process typically takes several months, depending on the completeness of the application and the authority's workload.
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What is the role of management in meeting CASP license requirements?The management team must demonstrate relevant experience, integrity, and the ability to manage crypto-related risks.
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What is the cost of obtaining a CASP license in Italy?Costs include registration fees and ongoing compliance expenses. Specific figures depend on the size and scope of the business.
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