MiCAR: the new European Regulation on Crypto-Assets

MiCAR: New Rules in 2025 for Crypto-Assets in Italy

Cryptocurrencies, MiCAR and new EU rules in 2025: find out what’s changing for those who invest or work in the crypto sector in Italy. Rules, obligations, penalties.

As of 30 June 2025, Regulation (EU) 2023/1114 , known as MiCAR (Markets in Crypto-Assets Regulation), is officially and fully in force.

This is the first EU-wide legal framework designed to regulate the crypto-asset market in a comprehensive manner.

Italy, through the Bank of Italy and Consob, is implementing the new rules with particular emphasis on consumer protection, transparency, and oversight of crypto companies.

This means that in Italy, as in all EU countries, there are now clear rules for:

• Crypto investors
• Crypto service providers (e.g. exchanges, wallets, platforms)
• Issuers of cryptocurrencies, stablecoins or digital tokens

Let’s explore what is changing for users, companies, and industry operators.

What Is MiCAR, who it applies to, and when

MiCAR is a European regulation with a clear objective: to protect consumers, reduce fraud risk, and make the crypto-asset sector safer.

Until 2025, each European country had its own fragmented and often unclear rules.

MiCAR introduces common rules across all EU member states.

MiCAR applies to:

• Issuers of crypto-assets (e.g. stablecoins, utility tokens, asset-referenced tokens)
• Crypto-asset service providers (CASPs), such as exchanges, wallets, trading platforms
• Institutional investors and intermediaries distributing crypto-assets in the EU

It does not apply to:

• Central bank digital currencies (CBDCs), like the digital euro
• Cryptocurrencies already classified as financial instruments
• NFTs that are “unique and non-fungible” (although interpretations remain open)

In Italy, Decree-Law No. 95/2025 (Art. 29) introduces a key extension: crypto-asset service providers (VASPs) will have until 1 July 2026 to obtain CASP authorisation under the new European rules.

This extension is intended to give Italian firms more time to comply with the new standards, pending full operational capacity of the competent authorities (OAM, Bank of Italy, Consob).

Key innovations introduced by MiCAR

Despite initial scepticism, cryptocurrencies are here to stay, and the market is thriving.

Governments and international authorities have had to adapt, each developing their own regulations.

The EU opted for a unified, shareable Regulation that establishes:

• Mandatory authorisation for crypto service providers
• Mandatory white papers for new cryptocurrencies
• Stricter rules for stablecoins

1. Mandatory Authorisation for Crypto Service Providers

Anyone offering services related to crypto (custody, exchange, token issuance, or platform management) must be authorised by the national competent authority to operate legally in any EU country.

In Italy, the competent authorities are:

• OAM (Organismo Agenti e Mediatori)
• Bank of Italy
• Consob (for market-related aspects)

Services requiring authorisation include:

• Custody and administration of crypto-assets
• Management of trading platforms
• Consultancy and intermediation
• Public offering of crypto-assets

Operators already active in the crypto sector (such as Virtual Asset Service Providers – VASPs) must comply with MiCAR requirements to continue their activities.

VASP to CASP: understanding the transition

In Italy, anyone currently registered with the OAM as a VASP must transition to CASP (Crypto-Asset Service Provider), a status introduced by MiCAR.

To do so, they must:

• Submit an authorisation request starting from December 2025
• Prove compliance with MiCAR requirements
• Complete the transition by 30 June 2026

From 1 July 2026, only those with valid authorisation will be allowed to legally operate as CASPs in Italy.

In the meantime, registered VASPs can continue to operate under the existing regime.

What italian VASPs must do now

Businesses already listed with the OAM as VASPs should:

• Review MiCAR requirements (already fully published)
• Adapt their corporate structure, governance and internal controls
• Prepare documentation (manuals, disclosures, IT systems)
• Prepare CASP authorisation requests by December 2025
• Seek legal advice, given the complexity of the transition

2. Mandatory white papers for new cryptocurrencies

Under MiCAR, when issuing a new crypto-asset (token, stablecoin, etc.), a white paper must be published, a clear and comprehensive disclosure document.

This must include:

• Details about the project, technology, and investment risks
• Information on the issuer and operational structure
• Clear indications on how raised funds will be used

This functions like a “prospectus”, similar to that required for stock market listings.

3. Stricter rules for stablecoins and ARTs (Asset-Referenced Tokens)

Stablecoins are cryptocurrencies designed to maintain a stable value (e.g. 1 token = 1 euro).

MiCAR identifies two main types:

• E-money tokens: pegged to a single fiat currency (e.g. euro)
• Asset-referenced tokens (ARTs): pegged to a basket of assets (currencies, gold, crypto)

Due to their potential impact on the financial system when used at scale, the rules for issuing stablecoins are particularly strict.

Issuers must:

• Obtain specific authorisation from the Bank of Italy or another competent authority
• Meet minimum capital requirements
• Guarantee and monitor sufficient reserves
• Accept limitations on large-scale circulation (to prevent systemic risk)

MiCAR in Italy: what happens if you don’t comply?

Italian authorities (Consob, Bank of Italy, UIF) have broad supervisory and sanctioning powers.

They may:

• Suspend business operations
• Revoke authorisation
• Impose fines of up to €5 million or 3% of annual turnover for companies, and up to €700,000 for individuals
• Report criminal offences to judicial authorities

Penalties may apply in cases of:

• Misleading or false white papers
• Operating without authorisation
• Breaches in custody rules
• Opaque fundraising practices

What MiCAR means for Crypto businesses and professionals

For anyone working in or entering the crypto sector, MiCAR presents both a major challenge and a valuable opportunity.

MiCAR and Crypto businesses

Crypto businesses must revise contracts, documentation, and business models.

They require internal governance and compliance systems, as well as enhanced AML and control mechanisms.

Customer relations must also become more transparent.

Those operating in Italy (exchanges, wallets, ICOs) must initiate the authorisation process by the end of 2025.

Firms already registered with the OAM must adapt to the new rules or lose their authorisation.

MiCAR for consultants and startups

Independent consultants and crypto startups also face new obligations:

• Blockchain or Web3 projects must include a legal strategy from the outset
• It’s essential to distinguish utility tokens from financial instruments
• Token launches (ICOs) must follow authorised procedures

MiCAR and private investors

No direct obligations are placed on individual investors.

However, MiCAR brings greater security and transparency. The Regulation focuses on investor protection through:

• Transparent offers
• Protection against fraudulent projects
• Standardised and comparable risk information

In practice:

• White papers will make it easier to understand crypto projects
• It will be harder to fall victim to scams or misleading schemes
• Platforms will have to act more clearly and responsibly

MiCAR and legal protection: when you should consult a lawyer

The entry into force of MiCAR is transforming the crypto business landscape.

The Regulation is complex and not without ambiguity.

You may need legal advice if:

• You already operate a crypto company in Italy and wish to continue legally (suitability assessment for CASP status)
• You are launching a new token or blockchain project (interpreting the rules for tokens, NFTs, or stablecoins)
• You are subject to an inspection or sanction from an authority (e.g. Consob, Bank of Italy)
• You lost money in a non-transparent crypto investment

Our Law Firm can assist with:

• MiCAR compliance assessments
• Authorisation procedures
• Legal representation in case of disputes

If you are involved in crypto-assets in Italy and need to regularise your position, or if you have suffered losses due to misleading offerings, you can contact our Crypto Law Department for tailored advice.

FAQ – MiCAR and Crypto-Assets in Italy

---

---