Head of practice
Head of Corporate Law and Fintech Practice. Expert in the creation and reorganization of companies, support of M&A transactions, as well as legal support for opening and running a business in the EU, Asia, and North America.
OBTAINING A CRYPTO LICENSE IN ITALY
Obtaining a crypto license in Italy is a strategic step for crypto asset service providers (CASPs), especially given the full implementation of the MiCA regulation by June 2026. This process is regulated by CONSOB (Securities and Exchange Commission) and the Bank of Italy, which set clear deadlines: applications had to be submitted by December 30, 2025, with an extension of operations until June 30, 2026, subject to submission.
Regulatory Background
Italy has actively implemented the EU MiCA regulation through Legislative Decree 129/2024, which designates CONSOB as the main authority for the authorization of CASPs and the Bank of Italy as the main authority for the supervision of stability and risks. Before MiCA, crypto businesses were registered as VASPs with the OAM (Organismo Agenti e Mediatori), but since December 2024, the basic registration has been replaced by a full license for the exchange, custody, trading or provision of advice services in crypto assets. Regulators require full compliance with AMLD5, DORA (Digital Operational Resilience) and GDPR, with a focus on customer protection and the prevention of money laundering. As of February 2026, the first MiCA licenses have been issued to several companies, demonstrating the acceleration of the process.
Preparation of appropriate policies
Preparation of policies is a critical step to obtain a crypto license, as CONSOB requires detailed documents demonstrating compliance with MiCA and Italian law. The AML/KYC policy should include a risk-based approach:
- customer identification (eIDAS or traditional passport),
- monitoring of transactions over €15,000,
- PEP checking and reporting of suspicious transactions to the UIF (Italian FIU).
The IT security policy covers DORA requirements:
- cyberattack testing, business continuity,
- key encryption and integration with TRA (Trustworthy AI).
Additionally, a Risk Management Framework is developed with VaR models for crypto volatility, Client Asset Protection (fund segregation) and a Disclosure Policy for fee and risk transparency. It is recommended to involve certified auditors (Deloitte or PwC) for verification; Templates are adapted to the specifics of the business, ensuring multilingualism (Italian/English).
CASP Basic Requirements
The company must be registered in Italy as a limited liability company (S.r.l.) or a limited liability company (S.p.A.) with a physical office or representative office; directors must be residents or natural persons without criminal records or sanctions. Key requirements include:
- minimum capital (€50,000 for exchanges/wallets, €125,000 for platforms, €150,000 for complex services),
- detailed AML/KYC procedures with AI-based transaction monitoring,
- IT infrastructure with two-factor authentication and backup, and a contact person (Compliance Officer) for the regulator.
Shareholders and top managers undergo a fit & proper (reputation, experience, financial stability) check; mandatory quarterly reporting on transaction volumes, client assets and risks. For stablecoins or tokenization, separate white papers with an audit opinion are required.
Procedure for obtaining a license
- Registration of a legal entity: The process begins with the registration of a limited liability company (S.r.l.) or a public limited company (S.p.A.) through an Italian notary and entry in the Companies Register – this takes 2-4 weeks.
- Submission of an application to CONSOB: Online application through a special portal with a package of documents: a three-year business plan with financial forecasts, AML/KYC policies, financial statements (balance sheet and P&L for the last 2 years), CVs of directors, IT audit and Terms of Service.
- CONSOB initial review: Assessment of the completeness of the package within 25 working days, then content analysis – up to 90 days officially, in practice 3–6 months with clarifications.
- Parallel actions: Opening a corporate bank account with Intesa Sanpaolo or UniCredit (3 weeks) and due diligence check of shareholders and processes.
- Obtaining a license: After approval, CONSOB issues a CASP license with EU passporting for operation in 27 countries without additional permits.
How does Prikhodko & Partners help?
Prikhodko & Partners law firm provides comprehensive support in obtaining a crypto license in Italy, accompanying clients at all stages — from company registration and document preparation to interaction with CONSOB and the Bank of Italy. The firm’s specialists, specializing in fintech and crypto regulations, develop individual AML/KYC policies with AI integration, business plans with financial modeling, and conduct fit & proper checks for shareholders, minimizing the risks of rejection or delays. Thanks to experience in MiCA implementation in the EU (including successful cases in Estonia and Lithuania), the team ensures deadlines of 3–6 months, cost optimization by 20–30%, and connections with Italian banks for quick onboarding. Clients receive ready-made document templates, training for Compliance Officers, and post-license support for reporting and expansion in the EU.
Benefits and risks
MiCA license in Italy opens up EU passporting, access to banks (ClearBank, Banxe) and investor confidence; big players like Binance, Kraken or Coinbase have already adapted.
Risks: blocking of accounts without a license after June 2026, increased supervision of transactions >15,000 € (KYC-MiCA), geopolitical sanctions for non-EU owners.
For Ukrainians/Ukrainian-speaking businesses, Italy is attractive due to its loyalty to fintech hubs and tax benefits in areas like Milan or Rome. It is recommended to start with a consultation to assess the company structure.
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