Topic

MiCA

EU Regulation 2023/1114 (MiCA) is the first comprehensive European framework for the issuance, public offering and provision of services on crypto-assets. In

In a nutshell

EU Regulation 2023/1114 (MiCA) is the first comprehensive European framework for the issuance, public offering and provision of services on crypto-assets. In Italy implementation runs through Legislative Decree 129/2024, which designates CONSOB and Banca d'Italia as competent authorities and sets the sanctions regime. For CASPs (Crypto-Asset Service Providers) MiCA introduces a single licensing regime covering capital, governance, AML, conflict of interest, client-asset custody and disclosure. Issuers of asset-referenced tokens (ARTs) and e-money tokens (EMTs) face prudential, reserve and interoperability requirements. Other tokens require a notified white paper. LX20 supports Italian and cross-border CASPs in the migration from the previous regime (OAM register, MiFID) to the MiCA licence, in white paper drafting and notification, in supervisory dialogue and in internal governance (AML, segregation and business continuity policies).

Related practices

Fintech, Digital Assets & Web3

Tokenisation, MiCA, DLT financial instruments, crypto-assets, ECSP crowdfunding, regtech and insurtech.

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Banking, Finance & Capital Markets

Banking, financial and insurance law. Financial instruments, alternative and complementary finance, Islamic finance. Counsel to banks, asset managers, supervised intermediaries and issuers.

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Specialised team

Alessandro Negri della Torre

Founder & Managing Partner

Gian Marco Iulietto

Senior Associate

Carlo Giuliano

Partner

Giulio De Bruno

Of Counsel

Cristina Carati

Of Counsel

Nabil Ryah

Of Counsel

Frequently asked questions

When does MiCA apply in Italy?

ART/EMT rules apply from 30 June 2024; the CASP regime from 30 December 2024. D.Lgs. 129/2024 grants a 12-month transitional period to operators already on the OAM register.

Who are the competent authorities?

Banca d'Italia handles prudential and stability matters (notably ARTs/EMTs); CONSOB covers conduct, transparency and market abuse.

How much does a CASP licence cost?

It depends on the services: minimum capital ranges from EUR 50,000 (reception/transmission only) to EUR 150,000 (trading platform operators), plus organisational, AML, IT costs and variable capital depending on exposure.

Can I migrate from the OAM register to MiCA?

Yes, under the transitional regime. A notification and a subsequent authorisation application are required: OAM documentation does not replace the MiCA file.

What is a MiCA white paper?

A mandatory disclosure document for all crypto-assets other than ARTs/EMTs, with minimum content set by MiCA Art. 6. It must be notified to the competent authority before any public offer.

Does MiCA apply to NFTs?

In principle no, unless NFTs are issued in large series or fractionalised: in such cases they may fall in scope.

What changes for stablecoins?

Euro-denominated stablecoins qualify as EMTs and may only be issued by authorised e-money institutions or credit institutions. Multi-fiat or basket stablecoins are ARTs and face enhanced prudential rules.

How is AML handled under MiCA?

CASPs must run a KYC programme, transaction monitoring and travel-rule compliance (EU Reg. 2023/1113), on top of Italian AML rules (D.Lgs. 231/2007).

What are the sanctions?

Administrative fines up to EUR 5 million or 12.5% of annual turnover for legal entities; up to EUR 700,000 for individuals.

Do I need a MiCA lawyer in Italy?

The licence requires coordination between banking law, capital markets, AML and tech: an experienced team materially shortens timelines and supervisory remarks.

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