MiCA, EU tightens rules for crypto operators: what happens in Italy
From 1 July 2026, an important phase for Europe’s crypto-asset market came to an end. The transitional period provided for under the Markets in Crypto-Assets Regulation (MiCA) has now expired. MiCA is the European regulatory framework governing operators, services, and safeguards in the crypto sector. From this date, operating under previous national regimes is no longer sufficient to offer services to European clients. Authorisation issued by at least one European Union Member State is required to operate as a Crypto-Asset Service Provider (CASP), meaning as a provider of crypto-asset services.
In Italy, Consob highlighted the transition in an official statement issued in coordination with the Bank of Italy. From 1 July 2026, entities that did not obtain MiCA authorisation must cease ordinary business and limit their activities to managing the closure of existing client relationships.
From national registration to a MiCA licence
Until 1 July 2026, many crypto operators had continued to provide services under national regimes in individual countries. In Italy, for example, the reference point was the register of virtual currency operators, often referred to as VASPs, an acronym for Virtual Asset Service Provider. VASPs are operators that, before MiCA entered into force, offered services under national regimes, such as registration with the register of virtual currency operators maintained by the Organismo Agenti e Mediatori (OAM) in Italy.
With the end of MiCA’s transitional period, the European Union aims to create a regulated single market for crypto-assets. The difference is not merely formal, because national registration is not equivalent to a European licence. CASP authorisation entails stricter requirements on organisation, controls, conduct, client protection, and supervision.
The sector is entering a phase closer to that of traditional financial services. This does not mean that crypto is being banned, but that intermediaries dealing with it must comply with common European rules. In an exclusive interview with SiGMA News, Tommaso Astazi, Policy Director at Blockchain for Europe, observed that Europe appears to be focusing more on regulation than on innovation in the sector. Astazi stressed the need to create a legislative framework that enables operators to focus on innovation while ensuring consumer protection.
“With the end of the MiCA transitional period, many companies and start-ups will not be able to operate in Europe or obtain a licence,” he said. Astazi also told SiGMA News that a new version of MiCA is expected to be proposed in 2027, with the hope that it will give operators the space needed to grow and innovate in the sector.
Authorised operators in Italy
According to Consob and the Bank of Italy, the following eight CASPs are authorised in Italy: CheckSig S.r.l., Conio S.r.l., CryptoSmart S.p.A., Hercle S.r.l., Hodlie S.r.l., Olliv S.r.l., Riv Digital S.r.l., and Young Platform S.p.A. They are joined by Banca Sella S.p.A., which has notified the Bank of Italy of its provision of services relating to crypto-assets.
However, the figure should be read carefully. It does not mean that only these nine entities may operate in Italy. MiCA provides for the so-called European passport. This means that an operator authorised in another Member State may also offer its services in Italy, provided it is duly entered in the European register maintained by the European Securities and Markets Authority (ESMA). ESMA is the European authority that, under MiCA, maintains the European register of entities authorised to provide services relating to crypto-assets.
What changes in Italy for unauthorised operators
This is not a sudden stop that leaves users without any course of action. Consob states that such entities must limit themselves to the activities necessary for the orderly closure of relationships, namely the transfer of crypto-assets, the liquidation of positions, compliance with anti-money laundering obligations, and the protection of clients’ interests. ESMA has also asked unauthorised operators to prepare orderly wind-down plans, allowing assets to be transferred to authorised entities or to self-custody wallets, known as self-hosted wallets.
The consequences may be operational, regulatory, enforcement-related and reputational. In Italy, continuing to operate without authorisation exposes operators to measures by the competent authorities, Consob and the Bank of Italy, in line with their respective supervisory duties under the MiCA regulatory framework and the relevant national implementing legislation. The consequences may include administrative measures, orders to cease trading and penalties, depending on the conduct and the services provided.
For clients and counterparties, the main risk is being exposed to platforms that will no longer be able to operate regularly in the European market. This may result in operational restrictions on deposits, trading, custody, withdrawals, transfers, and support, as well as greater uncertainty in managing open positions.
A turning point for the European crypto market
The end of the transitional period marks a tightening for operators across Europe, but also a new phase for the sector as a whole. MiCA increases compliance obligations and could push some entities out of the market or towards consolidation. At the same time, it offers authorised operators a clearer framework and the ability to operate across the European Union with a recognised licence.
Clients are expected to benefit from greater protection. In the short term, however, it will be essential to verify that their crypto service provider is actually authorised. This applies both to exchanges, meaning platforms that allow users to buy, sell, or exchange crypto-assets, and to custodians, meaning entities that provide custody services for digital assets on behalf of clients. Verification should not stop at the platform’s trading name, but should cover the legal entity identified in contracts and terms of service.
This article was originally published on the Italian SiGMA News page on 2 July 2026.
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