Italy Crypto License — CONSOB CASP Registration Guide 2026

To obtain an Italy CASP authorization, companies must satisfy CONSOB's requirements under MiCA Regulation (EU) 2023/1114 and Italy's national implementing legislation, including the Testo Unico della Finanza (TUF — Legislative Decree 58/1998, as amended to incorporate MiCA) and relevant CONSOB and Banca d'Italia regulatory provisions. Italy's three-regulator structure (CONSOB, OAM, Banca d'Italia) means that certain aspects of the CASP application involve coordination across agencies. The following are the core requirements for CONSOB CASP authorization:

MiCA Article 67 establishes three minimum own funds tiers, harmonized across all EU member states including Italy. CONSOB cannot impose lower capital requirements, though Banca d'Italia may require higher own funds for firms with elevated prudential risk profiles. Capital must be maintained on an ongoing basis:

Italy's corporate tax structure is more complex than single-rate jurisdictions. The Imposta sul Reddito delle Società (IRES) — corporate income tax — is levied at 24% on taxable profits. In addition, the Imposta Regionale sulle Attività Produttive (IRAP) — regional production activities tax — is levied at approximately 3.9% on the net value of production (broadly, operating income less certain deductions). The combined effective corporate tax rate is therefore approximately 27.9%, though IRAP has a partially different taxable base. For foreign investors, Italy also offers a Patent Box regime and R&D incentives that may benefit technology-intensive crypto businesses.

The Italian Srl structure is the standard vehicle for CASP authorization. The minimum share capital of a standard Srl is €10,000 — higher than Spain's €3,000 SL but still modest in the context of the MiCA own funds requirement (€50,000–€150,000). For larger operations or those planning to seek external equity, the SpA structure offers advantages including issuance of share classes and access to equity capital markets through Euronext Milan.

Italy occupies a competitive position among Western European CASP jurisdictions, with lower government fees than Germany or France and a market size that dwarfs most lower-cost EU licensing destinations. The table below compares Italy against key competitors for 2026:

* Germany: combined corporate income tax + solidarity surcharge + trade tax. Malta: effective rate reduced significantly by refund system. Table reflects standard statutory corporate tax rates and government fee ranges. Professional service fees not included.

Italy's principal advantage is its combination of a large domestic market (59M+ population with significant retail crypto adoption), relatively competitive government fees for a major Western European jurisdiction, and Milan's status as a top-tier European financial hub. For firms seeking a credible, well-recognized EU NCA with access to a large domestic market, CONSOB offers a compelling alternative to Germany's BaFin (which is significantly more expensive and slower) and France's AMF (broadly comparable on cost). Italy's pre-MiCA OAM registration experience means CONSOB brings substantial institutional knowledge to the CASP authorization process.

An Italy CASP license issued by CONSOB carries full MiCA EU passporting rights — a single CONSOB authorization grants your company the right to provide crypto-asset services in all 27 EU member states under MiCA Article 65. Italy's position as the EU's 3rd largest economy means CONSOB is a major, well-recognized NCA with established bilateral supervisory relationships across European financial markets. The Borsa Italiana's integration into Euronext Group further reinforces Milan's status as a key node in the EU's capital markets infrastructure.

How Italy CASP Passporting Works

• Notification to CONSOB: To begin providing services in another EU member state, your Italian Srl submits a passporting notification to CONSOB specifying the target country, service types, and intended start date.
• 10-working-day forwarding: CONSOB must forward the notification to the host state NCA within 10 working days. You may commence providing services on the day the notification is forwarded — without waiting for host NCA approval.
• ESMA register publication: All CONSOB-authorized CASPs appear in ESMA's publicly searchable register, providing institutional counterparties and clients across the EU with immediate confirmation of authorization status.
• Cross-Mediterranean reach: Italy's geographic position and established commercial ties with other Southern European and Mediterranean markets make passporting into Spain, France, Greece, and other Mediterranean EU markets particularly commercially natural for Italian-based CASPs.

For companies targeting Southern European crypto markets, Italy offers a strategic combination of large domestic market access and efficient passporting to neighboring EU jurisdictions. See our guide on EU passporting under MiCA for the complete procedural framework. For a comparison with neighboring jurisdictions, see Spain CASP License or Portugal CASP License.