Regulation (EU) 2023/1114 (the Markets in Crypto-Assets Regulation, or MiCAR) regulates markets for crypto-assets with the aim of mitigating the risks that the unregulated development of these products may pose to the smooth functioning of the payment and financial system, as well as to those who own and use them. To this end, MiCAR introduces uniform rules across the European Union for the issuance and public offering of certain crypto-assets, and for the provision of related services. These rules apply to specific categories of crypto-assets that are not classified as digital versions of already regulated products or financial instruments such as:
- electronic money tokens ('EMTs'): crypto-assets designed to maintain a stable value by referencing the value of a single official currency;
- asset-referenced tokens ('ARTs'): crypto-assets that are not EMTs and aim to maintain a stable value by referencing another value or right, or a combination thereof, including one or more official currencies;
- crypto-assets other than EMTs and ARTs: a residual category encompassing crypto-assets that are neither EMTs nor ARTs.
These activities may be carried out by supervised intermediaries or specialized entities, subject to appropriate licensing or notification in accordance with the applicable provisions.
The MiCA Regulation entered into force on 29 June 2023 and became applicable on 30 June 2024 for the provisions relating to the issuance and offering to the public of EMTs and ARTs, and on 30 December 2024 in its entirety.
The regulatory framework is complemented by a set of detailed Level 2 measures in the form of regulatory technical standards (RTS), implementing technical standards (ITS), and guidelines (GLs), issued or in preparation by the European Authorities, namely the EBA and ESMA (see the Legal framework section).
At national level, Legislative Decree 129/2024 implemented the MiCA Regulation and designated CONSOB and Banca d'Italia as the competent authorities within the meaning of the Regulation, setting out their specific responsibilities: the competences of the two authorities are summarized in a note published on both institutions' websites.
For information on the licensing of different types of crypto-asset market entities, please refer to the dedicated sections accessible via the table below.
| Issuance, offering to the public and seeking admission to trading of EMT | Issuance, offering to the public and seeking admission to trading of ARTs | Provision of crypto-asset services | Offering to the public and seeking admission to trading of crypto-assets other than EMTs and ARTs | |
|---|---|---|---|---|
| Credit institutions (banks and class 1 investment firms) | Banca d'Italia (notification) | Banca d'Italia (notification) and Banca d'Italia in agreement with Consob (approval of white paper) | Banca d'Italia (notification) | Consob (notification) |
| Investment firms other than those included in class 1 | N.A. | Banca d'Italia in agreement with Consob (licensing) | CONSOB (notification) or CONSOB after consulting Banca d'Italia (licensing) | Consob (notification) |
| Electronic money institutions | Banca d'Italia (notification) | Banca d'Italia in agreement with Consob (licensing) | Banca d'Italia (notification) or Banca d'Italia after consulting CONSOB (licensing) | Consob (notification) |
| Payment institutions | N.A. | Banca d'Italia in agreement with Consob (licensing) | Banca d'Italia after consulting CONSOB (licensing) | Consob (notification) |
| Asset management companies | N.A. | N.A. | Banca d'Italia (notification), only for some services | Consob (notification) |
| Central securities depositories | N.A. | N.A. | Consob (notification), only for some services | Consob (notification) |
| Operators of regulated markets | N.A. | N.A. | Consob (notification), only for some services | Consob (notification) |
| Specialized ARTs issuers | N.A. | Banca d'Italia in agreement with Consob (licensing) | Consob, after consulting Banca d'Italia (licensing) | Consob (notification) |
| Specialized CASPs | N.A. | Banca d'Italia in agreement with Consob (licensing) | Consob, after consulting Banca d'Italia (licensing) | Consob (notification) |
*N.A. = Not allowed
Even before the entry into force of the MiCA Regulation, the risks associated with the uncontrolled development of the crypto-asset market were brought to the attention of national and EU authorities, which have taken a number of awareness-raising initiatives.
The main communications on this topic are listed in the relevant section. For further details, please consult the EBA and ESMA pages.
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