Since MiCA became fully applicable and Italy's transitional period under Legislative Decree 129/2024 has ended, crypto-asset services in Italy require a MiCA CASP authorisation, either from Consob (with the Bank of Italy) or from another EU authority passported into Italy. The former OAM register for virtual currency service providers, introduced by the Ministerial Decree of 13 January 2022, was the national regime before MiCA and no longer allows a provider to operate on its own. Providers that relied only on OAM registration and did not obtain MiCA authorisation must stop serving Italian clients.
The OAM register: what it was
From 2022, providers of virtual currency and digital wallet services operating in Italy had to register in a special section of the register kept by the Organismo Agenti e Mediatori (OAM), under art. 17-bis of Legislative Decree 141/2010 and the Ministerial Decree of 13 January 2022. The register was an AML registration with periodic data reporting to OAM, not a prudential licence: it did not impose capital, governance or conduct rules comparable to MiCA.
The MiCA regime in Italy
Legislative Decree 129/2024 implements MiCA in Italy. It designates Consob and the Bank of Italy as competent authorities, with Consob as the authority that grants CASP authorisation after consulting the Bank of Italy, which focuses on prudential and stability aspects. The decree also sets sanctions for providing crypto-asset services without authorisation and the rules for issuers of asset-referenced and e-money tokens.
The transitional period and where things stand
Providers registered with OAM before 30 December 2024 could continue operating for a limited period, provided they applied for MiCA authorisation within the deadline set by the decree. Italy chose a period shorter than the maximum allowed by art. 143 MiCA (1 July 2026). That period has now ended in any case. Today the practical options are:
- obtain MiCA authorisation from Consob for an Italian entity;
- operate in Italy through the passport of a CASP authorised in another Member State (art. 65 MiCA);
- for banks, investment firms and other eligible entities, use the notification procedure of art. 60 MiCA.
Points to check for Italian clients
Foreign providers should check whether their marketing in Italian targets Italian residents, since reverse solicitation is narrow. Italian AML obligations (Legislative Decree 231/2007) continue to apply to CASPs operating in Italy, including reporting to the UIF. Tax reporting for clients is a separate matter, now shaped by DAC8.
Why it matters elsewhere
Italy followed a path that many countries take: first a simple AML registration for crypto providers, then a full licensing regime with capital, governance and conduct rules. A jurisdiction that today requires only registration, or nothing at all, may well make a similar move, often with MiCA as a reference. Businesses working under a light regime should prepare early, because Italian providers that waited found the transitional period short.
How Advisorn helps
Advisorn advises Italian and foreign providers on the transition from OAM to MiCA, on the choice between an Italian authorisation and a passport, and on the AML sections of the application.
Legislative Decree 141/2010, art. 17-bis; Ministerial Decree (MEF) of 13 January 2022; Legislative Decree 129/2024; Legislative Decree 231/2007; Regulation (EU) 2023/1114 (MiCA), art. 59, 60, 65, 143.
Updated November 2026 · General information, not legal or tax advice on your specific case.