Country Manual Cryptos Overview
Italy – Update 2024
BRP has updated its Country Manual Cryptos Overview for Italy
| Source of changes | Answers |
|---|---|
| Law / Regulation | Yes |
| New Position of the Authorities | Yes |
| Evolution of Expert’s Interpretation | Yes |
Definitions & Concepts, Regulatory Summary and Behaviour Template
The Cryptos Overview has been reviewed to ensure that the content of all the documents remains accurate and up to date.
Regulatory changes
The Regulation on Crypto Asset Markets (MiCA) will enter into force on 29 June 2023, and the provisions on the issuance, public offering and admission to trading of stablecoins will be applicable from 30 June 2024. The remaining provisions on crypto services will be fully applicable from 30 December 2024.
With the introduction of the European Regulation, which is directly applicable in Member States, the rules for payment tokens (and utility tokens) are harmonised. However, it does not apply to security tokens, which will continue to be regulated under the Markets in Financial Instruments Directive (MiFID II).
The Regulatory Summary and the Behaviour Template have been updated in line with the new Regulation.
ESMA has already issued comments on MiCA, in particular in relation to reverse solicitation. These considerations have been analysed and incorporated into the updated documents.
On 13 September 2024, Italian Legislative Decree No. 129 of 5 September 2024 implementing Regulation (EU) 2023/1114 on markets in crypto-assets (“MiCAR”) was published in the Official Gazette (“MiCAR Decree”). With this law, Italy has regulated what is within its competence.
Material changes
According to Art. 59 MiCA, no person may provide crypto-asset-related services within the EU unless it is a legal person or other undertaking authorised as a CASP by the competent authority of the home Member State. Consequently, only authorised CASPs may provide crypto-asset services in or into the EU.
In Italy, it was previously only necessary to register in order to provide services related to payment tokens, whereas now an authorisation is required. The Bank of Italy and CONSOB are designated as the competent authorities to supervise compliance with the provisions introduced by MiCA.
As mentioned above, with the introduction of MiCA, payment tokens and utility tokens are subject to the same rules. The CM BT has been updated accordingly.
Activities related to security tokens remain subject to the Italian rules on banking and investment services. Therefore, there are no changes compared to the previous version.
Non-material changes
Some comments and content have been slightly reworded in the Cryptos Overview, without introducing substantive changes to reflect the regulatory situation/current interpretation of the regulatory framework more accurately.
For more information, please contact us: info@brpsa.com
Geneva, November 1st, 2024