MiCAR · CONSOB · Italy
Crypto Licence in Italy, the CASP Authorisation File for CONSOB
The file CONSOB needs, prepared for a founder or group abroad, with the Italian applicant formed first. CONSOB decides.
- CONSOB decides, with the Banca d'Italia's opinion
- 40 working days from a complete file
- Capital from EUR 50,000, by class (Annex IV MiCAR)
- Applicant in Italy, one EU-resident director (Art. 59(2) MiCAR)
The CASP authorisation, prepared for a founder abroad
We prepare the authorisation file and coordinate the Italian applicant company. CONSOB authorises a specialised crypto-asset service provider (CASP) after hearing the Banca d'Italia (Art. 16(1) D.Lgs. 129/2024). The crypto-asset services themselves are the client's to provide, once authorised.
We work for founders, groups and advisers outside Italy who want to provide crypto-asset services from Italy now that the national OAM route ended on 30 June 2026 (Art. 45 D.Lgs. 129/2024). The applicant exists before the file does, so the work often starts with setting up your company in Italy.
What our application work covers
Seven pieces of work, done in this order, before CONSOB sees a page.
Services and class
We list the services you intend from the ten on CONSOB's CASP page. That list sets class 1, 2 or 3 under Annex IV MiCAR; you choose the services.
The overheads test
We project the fixed overheads of the first 12 months and test one quarter of them against the class minimum, as Art. 67 MiCAR requires.
The Italian applicant
An S.r.l. or S.p.A. formed with a notary, or an existing company in a permitted form (Art. 16(7)(a) D.Lgs. 129/2024). To start one: open an S.r.l. in Italy.
Substance in the Union
Registered office in Italy, effective management in the Union and one director resident in the Union (Art. 59(2) MiCAR). We arrange the registered office every Italian company needs before the deed.
Identifiers
The legal entity identifier (LEI) that opens the file under Art. 62(2)(a) MiCAR, the company PEC, and each non-resident director's codice fiscale through the consulate.
The people's file
Criminal-record and penalty certificates for every director and qualifying holder (Art. 62(3) MiCAR), apostilled or legalised and translated into Italian.
The Art. 62(2) file and the filing
CONSOB's form, updated 27 October 2025: programme of operations, projections, governance, AML/CFT, ICT and client-asset policies. Filed by PEC with annexes.
Authorisation, notification or neither: which route applies
The law gives each kind of applicant its own route. Banks and e-money institutions notify instead of applying; for the institution itself, see authorisation of an e-money institution by the Banca d'Italia.
| Applicant situation | Route | Filed with | Term | Basis |
|---|---|---|---|---|
| A new specialised CASP | Authorisation | CONSOB, after hearing the Banca d'Italia | Decision within 40 working days of a complete file | Art. 63 MiCAR; Art. 16(1) D.Lgs. 129/2024 |
| An Italian CASP serving other member states | Passport notification | CONSOB | Forwarded within 10 working days | Art. 65 MiCAR |
| A bank, class 1 SIM, e-money institution (IMEL) or SGR | Notification | Banca d'Italia | As Art. 60 MiCAR sets for the entity | Art. 60 MiCAR; Art. 16(4) D.Lgs. 129/2024 |
| Any other SIM (a MiFID investment firm) | Notification | CONSOB | At least 40 working days before the first service | Art. 60(3) MiCAR; Art. 16(2) D.Lgs. 129/2024 |
| A legal person in the OAM special section on 27 December 2024 that applied by 30 December 2025 | Transitional right | No new filing | Until 30 June 2026, or an earlier grant or refusal | Art. 45(1) D.Lgs. 129/2024; Art. 143(3) MiCAR |
| An operator with no authorisation after 30 June 2026 | No route: cease and close client relationships | The OAM cancels the entry | From 1 July 2026 | Art. 45(4) D.Lgs. 129/2024; providing the services without authorisation is a crime, Art. 30 D.Lgs. 129/2024 |
Routes to provide crypto-asset services from Italy under MiCAR and D.Lgs. 129/2024, as in force in October 2026.
At 30 June 2026, the joint CONSOB and Banca d'Italia release listed 8 authorised CASPs (CheckSig, Conio, CryptoSmart, Hercle, Hodlie, Olliv Italia, Riv Digital, Young Platform) and one notifying bank, Banca Sella. ESMA's register of CASPs shows any provider's current status.
From scoping to CONSOB's decision
Before filing: no statutory term
- ScopingServices and class
- Italian applicantFormed and entered
- People and identifiersDirectors, LEI, PEC, codice fiscale
- People's fileCertificates apostilled or legalised and translated
From a complete file: working days (Art. 63 MiCAR)
- Filing by PECWith the Art. 62(2) file
- AcknowledgementCONSOBWithin 5 working days
- Completeness checkDeadline for missing items has no statutory lengthWithin 25 working days of receipt
- DecisionWith the Banca d'Italia's opinionWithin 40 working days of a complete file
- Possible suspensionFor a request made by the 20th working dayAt most 20 working days
- NotificationOf the decisionWithin 5 working days
The clock runs only from a complete file.
Scope the services and the class
You and we list the services, which set the Annex IV class and minimum capital, and run the overheads test (Art. 67 MiCAR). No statutory term.
Form the Italian applicant
A notary receives the deed and files it within 10 days (Art. 2330 c.c.); the Register enters it within 5 days of an electronic filing (Art. 11(8) D.P.R. 581/1995).
Appoint the directors and obtain identifiers
One director resident in the Union (Art. 59(2) MiCAR); then the LEI, the company PEC and each non-resident director's codice fiscale. No statutory term.
Collect the people's file
Certificates for every director and qualifying holder, apostilled or legalised and translated into Italian (Art. 62(3) MiCAR). No statutory term; it depends on the issuing country.
Write and file
The Art. 62(2) file on CONSOB's form; you pay the EUR 20,000 contribution for a 2026 filing through pagoPA (resolution 23799), then the applicant files by PEC (Banca d'Italia's CASP page). One day.
Receipt and completeness
CONSOB acknowledges within 5 working days and checks completeness within 25 working days of receipt, setting a deadline for missing items that has no statutory length (Art. 63 MiCAR).
Assessment
A decision within 40 working days of the complete file, with the Banca d'Italia's opinion; a request by the 20th working day suspends it for at most 20 (Art. 63 MiCAR).
Decision
Notified within 5 working days (Art. 63 MiCAR); an authorised CASP is entered in ESMA's register. A passport notification for other member states may follow (Art. 65 MiCAR).
On the statutory terms alone, about 90 working days run once the file is complete. That is not a date: the time to fill gaps has no ceiling, and CONSOB publishes no average.
Not sure which crypto-asset services your file should list?
The services you list set the class and the minimum capital under Annex IV MiCAR, so the plan starts there.
Documents each director and shareholder will need
What Art. 62(3) MiCAR asks of the people. Which foreign certificates CONSOB accepts from each country is not published in the sources we read, so we check each one as it arrives.
- Passport or identity document of each director and qualifying holder
- Codice fiscale of each director
- Criminal-record certificate of each director and qualifying holder
- Penalty certificates: commercial, insolvency, financial-services, AML/CFT, fraud, professional liability
- CVs and evidence of each director's knowledge and experience
- For advice or portfolio management: the same evidence for the advisers
- A corporate holder's constitutional documents and register extract
- The chain of qualifying holdings, up to the natural persons
- Apostille (Hague states) or consular legalisation of each foreign certificate
- Certified Italian translation of each foreign certificate
- Projected fixed overheads for the first 12 months (Art. 67 MiCAR)
Capital and state charges in Italy
Company-law capital is not prudential capital. An S.r.l. may be formed with EUR 10,000 (Art. 2463 c.c.) and an S.p.A. needs EUR 50,000 (Art. 2327 c.c.); the Annex IV minimum of MiCAR applies on top (Art. 67 MiCAR).
Capital classes under Annex IV
| Class | Services in the class | Minimum capital |
|---|---|---|
| Class 1 | Execution of orders, placing, transfer services, reception and transmission of orders, advice, portfolio management | EUR 50,000 |
| Class 2 | Class 1 services plus custody and administration, exchange for funds or for other crypto-assets | EUR 125,000 |
| Class 3 | Class 2 services plus operation of a trading platform | EUR 150,000 |
Minimum capital by class, Annex IV of Regulation (EU) 2023/1114 (MiCAR).
The requirement is the higher of the class minimum and one quarter of the preceding year's fixed overheads; a first-year firm uses its 12-month projection (Art. 67(1), (2) MiCAR). Cover is own funds (Common Equity Tier 1 items) or an insurance policy of at least one year with a cancellation notice of at least 90 days (Art. 67(4), (5)).
Or one quarter of the preceding year's fixed overheads, if higher (Art. 67(1) MiCAR).
What CONSOB charges
| Charge | Amount | When paid | Basis |
|---|---|---|---|
| Application filed in 2025 | EUR 20,000 per application | On filing | CONSOB resolution 23700 |
| Application filed in 2026 | EUR 20,000 per application | At filing, through pagoPA; approval is subject to payment | Resolution 23799, Art. 3 letter aa) |
| Annual, per authorised or notified service | EUR 10,000 per service | By 15 July 2026, for CASPs authorised or notified at 30 June 2026 | Resolution 23799, Art. 3 letter af) |
| Annual, trading-platform operators | By crypto-assets traded: up to 100, EUR 47,130; up to 1,000, EUR 100,990; up to 3,000, EUR 154,840; up to 5,000, EUR 208,700; over 5,000, EUR 262,550 | By 15 July 2026 | Resolution 23799, Art. 3 letter ad) |
CONSOB's supervisory contributions by filing year, from resolution 23799 of 17 December 2025 and resolution 23700 of 15 October 2025.
Each amount applies to the year shown; a later year has its own resolution. Our fee is on request. Tax on the business is a separate matter: see tax advice for a company in Italy and the Italian crypto tax guide.
Problems we solve
Four places where a CASP file stalls, and what we do about each.
- A file stopped at the completeness check
We check the file against the 19 items of Art. 62(2) MiCAR before filing. CONSOB's deadline for missing items has no statutory length (Art. 63 MiCAR), so we prepare answers on arrival.
- Certificates from several countries
We gather each person's certificates in parallel, then the apostille or legalisation and the Italian translation. Whether a given country's certificate is accepted is CONSOB's call, so we raise doubts early.
- Identifiers from abroad
The codice fiscale through the consulate, the LEI and the company PEC are in hand before the file is written. The account is a separate service: an Italian bank account for a non-resident.
- A former VASP with no authorisation
Since 30 June 2026 it must cease and only close client relationships; the OAM cancels its entry (Art. 45(4) D.Lgs. 129/2024). For a wind-down or a new object: our corporate changes and liquidation service.
Has CONSOB asked for missing items?
Send us CONSOB's request and the file as filed; we review the missing items against it before the deadline.
Who prepares your file
From our practice
Services and class first, then the applicant, the people and the programme of operations; we coordinate the notary, consulates and translators.
Valentina Orsini, licensing, fiduciary and founder-permits lead, Rome; nine years. Italian, English, German. Not a CASP, not an avvocato.
Related services
- Ready-Made Companies in ItalyAn existing Italian company as the applicant, in a permitted form.
- Trade marksThe CASP's name protected: registering a trademark in Italy.
- PatentsInventions behind the platform: our patent registration service.
- Fiduciary holdingShares held through an authorised società fiduciaria: the fiduciary services page.
Frequently asked questions
Can you guarantee the licence, or a date for it?
No. CONSOB decides, after hearing the Banca d'Italia (Art. 16(1) D.Lgs. 129/2024). MiCAR sets terms in working days that run from a complete application, not a date, and CONSOB publishes no average duration. What we control is the file: complete, consistent and filed in the right order, with the Italian applicant formed first.
How long does CONSOB take?
Under Art. 63 MiCAR, CONSOB checks completeness within 25 working days of receipt, then decides within 40 working days of a complete application. A request for information made by the 20th working day suspends the term for at most 20 working days. The clock runs only from a complete file, and the time to fill gaps has no ceiling.
How much does a crypto licence in Italy cost?
The state's part for 2026 filings: a CONSOB contribution of EUR 20,000 per application under resolution 23799, then EUR 10,000 a year per authorised service, with trading platforms on their own scale. Capital by class comes on top. Our fee depends on the services listed, whether the applicant exists and the people abroad; pricing on request.
Which documents does each director and shareholder provide?
Each member of the management body and each qualifying holder proves the absence of a criminal record and of penalties under commercial, insolvency, financial-services, anti-money-laundering, fraud and professional-liability law (Art. 62(3) MiCAR). Foreign certificates are apostilled or legalised and translated into Italian. Which certificates CONSOB accepts from each country is not published in the sources we read.
Do we need to live in Italy or the EU?
Art. 59(2) MiCAR requires the CASP to have its registered office in the member state where it provides at least part of its services, its place of effective management in the Union, and at least one director resident in the Union. For a founder who plans to move to Italy, see the Italian golden visa.
Is EUR 10,000 of S.r.l. capital enough?
Not for the prudential test. EUR 10,000 is the company-law capital of an S.r.l. under Art. 2463 of the Civil Code. The Annex IV minimum of MiCAR, EUR 50,000, 125,000 or 150,000 depending on the class of services, applies on top of it, or a quarter of fixed overheads if that is higher (Art. 67 MiCAR).
Can I still register with the OAM as a VASP?
An OAM registration no longer gives the right to provide crypto-asset services. The Italian transitional right covered legal persons registered on 27 December 2024 that applied by 30 December 2025, and it ended on 30 June 2026 (Art. 45 D.Lgs. 129/2024). The OAM cancels those that did not apply and those granted or refused authorisation.
What happened to OAM-registered VASPs on 1 July 2026?
Operators without an authorisation had to stop and limit themselves to closing client relationships. By 30 June 2026 CONSOB, in coordination with the Banca d'Italia, had authorised 8 CASPs, and one bank had notified the Banca d'Italia, according to their joint release of that date. ESMA's register of CASPs shows any provider's current status.
Who grants a crypto licence in Italy?
CONSOB authorises a specialised CASP under Art. 63 MiCAR, after hearing the Banca d'Italia (Art. 16(1) D.Lgs. 129/2024). Once authorised, CONSOB supervises transparency, conduct and client protection, and the Banca d'Italia supervises risk containment, capital stability and sound and prudent management (Art. 17(1) D.Lgs. 129/2024).
How do I get a crypto exchange licence in Italy?
Exchanging crypto-assets for funds or for other crypto-assets, and operating a trading platform, are services listed in a CASP authorisation under Art. 63 MiCAR. CONSOB grants it after hearing the Banca d'Italia, on a complete Art. 62(2) file. Exchange falls in class 2 of Annex IV (EUR 125,000), a trading platform in class 3 (EUR 150,000).
Is cryptocurrency legal in Italy?
Providing crypto-asset services is lawful only for an authorised CASP, or for a bank, investment firm or other listed entity that notifies under Art. 60 MiCAR (Art. 59(1) MiCAR). Providing them without authorisation is a crime under Art. 30 D.Lgs. 129/2024: imprisonment from 6 months to 4 years and a fine from EUR 2,066 to EUR 10,329.
How much capital does a CASP need?
EUR 50,000, 125,000 or 150,000 depending on the class of services under Annex IV MiCAR, or one quarter of the previous year's fixed overheads if that is higher (Art. 67 MiCAR). A firm in its first year uses its projected fixed overheads for 12 months. Cover is own funds or an insurance policy of at least one year.
Which company form must the applicant take?
Under Art. 16(7)(a) D.Lgs. 129/2024 an Italian CASP takes the form of a società per azioni (S.p.A.), a società in accomandita per azioni (S.a.p.a.), a società a responsabilità limitata (S.r.l.) or a cooperative. The company is formed before the application, because the file names the applicant and its legal entity identifier.
We are an investment firm. Do we need a CASP licence?
No authorisation is needed for the equivalent services: a MiFID investment firm notifies its home authority at least 40 working days before it first provides them (Art. 60(3) MiCAR). In Italy CONSOB takes notifications from SIM other than class 1, and the Banca d'Italia from banks and class 1 SIM (Art. 16 D.Lgs. 129/2024).
Can an Italian CASP serve other EU countries?
Yes, through the passport in Art. 65 MiCAR. The CASP notifies CONSOB of the member states and the services; CONSOB forwards the notification within 10 working days, and the CASP may start there on CONSOB's communication, or at the latest from the 15th calendar day after it submitted the notification.
Request a CASP application plan
Tell us the services you intend, where your directors and holders live, and whether an Italian company exists.