Italy requires cryptocurrency companies to urgently transition to MiCAR by 2025.
Italy has become one of the first countries in the EU to strictly advance the regulation of the cryptocurrency market (MiCAR). The decree No. 218/2024, published on December 30, 2024, will come into effect on January 1, 2025: all cryptocurrency companies cooperating with Italian residents (exchanges, custodial wallets, stablecoins, NFT platforms) must obtain a CASP (Cryptocurrency Asset Service Provider) license within 6 months (by June 30, 2025), or they will cease operations in the country.
The regulatory body designated is the Organismo Agenti e Mediatori (OAM), which is already conducting public VASP registrations. Fines for non-compliance can be as high as 10 million euros or 15% of annual turnover. The requirements for stablecoin issuers are particularly strict: 1:1 reserves, monthly audits, and a ban on algorithmic tokens without bank licenses.
By December 2025, only 87 companies have applied for MiCAR licenses out of more than 400 companies that previously operated in Italy. Binance, Crypto.com, and Kraken have confirmed their transformation, while some smaller participants have announced their exit from the market.
Italy is effectively testing the strictest scenario of MiCAR in the EU. If Rome does not soften its stance, over 70% of small crypto services may leave Italian users by the summer of 2026.
Italy has become one of the first countries in the EU to strictly advance the regulation of the cryptocurrency market (MiCAR). The decree No. 218/2024, published on December 30, 2024, will come into effect on January 1, 2025: all cryptocurrency companies cooperating with Italian residents (exchanges, custodial wallets, stablecoins, NFT platforms) must obtain a CASP (Cryptocurrency Asset Service Provider) license within 6 months (by June 30, 2025), or they will cease operations in the country.
The regulatory body designated is the Organismo Agenti e Mediatori (OAM), which is already conducting public VASP registrations. Fines for non-compliance can be as high as 10 million euros or 15% of annual turnover. The requirements for stablecoin issuers are particularly strict: 1:1 reserves, monthly audits, and a ban on algorithmic tokens without bank licenses.
By December 2025, only 87 companies have applied for MiCAR licenses out of more than 400 companies that previously operated in Italy. Binance, Crypto.com, and Kraken have confirmed their transformation, while some smaller participants have announced their exit from the market.
Italy is effectively testing the strictest scenario of MiCAR in the EU. If Rome does not soften its stance, over 70% of small crypto services may leave Italian users by the summer of 2026.