CASP Authorisation in Italy
Italy is a CONSOB and Bank of Italy supervised MiCA CASP route for teams targeting the Italian and wider EU market. It suits serious regulated operations that can support governance, AML, audit, custody, technology controls and a credible banking plan.
Confirm current Italian MiCA/CASP application forms, allocation of CONSOB and Bank of Italy supervisory responsibilities, fees and service categories before using this page for client advice.
Regulatory status should be confirmed by local counsel before relying on this route.
What is Italy CASP authorisation?
Italy CASP authorisation is the Italian route for crypto-asset service providers under MiCA, with a supervisory profile involving CONSOB and the Bank of Italy. It is a strong route for Italian and EU market positioning, but it should be treated as a full regulated operating model rather than a fast offshore setup.
- Jurisdiction
- Italy
- Regulator
- Commissione Nazionale per le Societa e la Borsa (CONSOB) / Bank of Italy
- Regime
- CASP
- Legal basis
- Legal basis: MiCA CASP authorisation implemented through the Italian supervisory framework.
Country-specific regulatory statements should be checked against current regulator guidance before relying on this route.
CASP service scope in Italy
The Italian application should start with a precise CASP service perimeter. Exchange, custody, brokerage, wallet, advisory, staking-adjacent and payment-related models each change the evidence expected for governance, AML, safeguarding, technology and outsourcing.
Exchange
ConditionalExchange activity may require additional scope or separate licensing.
Exchange
Exchange activity may require additional scope or separate licensing.
ConditionalCustody
ConditionalCustody may require separate review or additional controls.
Custody
Custody may require separate review or additional controls.
ConditionalBrokerage
ConditionalBrokerage or OTC activity typically fits within scope.
Brokerage
Brokerage or OTC activity typically fits within scope.
ConditionalWallet provider
ConditionalExchange activity may require additional scope or separate licensing.
Wallet provider
Exchange activity may require additional scope or separate licensing.
ConditionalEU market
IncludedEU/EEA passporting available.
EU market
EU/EEA passporting available.
IncludedStartups
ExcludedHigh setup complexity means significant budget is needed.
Startups
High setup complexity means significant budget is needed.
Excluded
Fees, timelines and capital figures are indicative and may vary by business model, regulator feedback, application scope and third-party costs.
Italian and EU market access
Italy is an EU route, so approved MiCA/CASP services can be positioned for EU/EEA passporting. The passporting case should be tied to approved services, target markets, client categories and notifications, not presented as automatic access to every current or future activity.
Define Italian, Southern European and wider EU/EEA target markets before filing.
Map passporting plans to each requested CASP service and operating branch of the business.
Prepare local-language, conduct, complaints and consumer-facing controls where the Italian market is a core target.
Country-specific regulatory statements should be checked against current regulator guidance before relying on this route.
Capital, governance and audit expectations
Italy is a high-complexity CASP route. The CSV snapshot indicates share capital from 50,000 EUR, an approximate 10,000 EUR state fee, an approximate 5,000 EUR annual supervision fee, local staff, physical office and audit.
- Board, senior management, compliance, AML and technology ownership should be named and credible.highBoard, senior management, compliance, AML and technology ownership should be named and credible.high
- Capital planning should match the requested CASP services, especially for exchange, custody, wallet or fiat-heavy operations.highCapital planning should match the requested CASP services, especially for exchange, custody, wallet or fiat-heavy operations.high
- Audit, reporting, outsourcing oversight, incident management and compliance monitoring should be budgeted as ongoing obligations.highAudit, reporting, outsourcing oversight, incident management and compliance monitoring should be budgeted as ongoing obligations.high
Fees, timelines and capital figures are indicative and may vary by business model, regulator feedback, application scope and third-party costs.
Italy CASP application bottlenecks
Typical blockers are operating-model weaknesses rather than form-filling issues. Italy works best when the applicant resolves service scope, dual-supervisory coordination, local substance, AML, custody, technology and banking before treating the process as a timeline exercise.
- High
Unclear CASP service perimeter or post-authorisation passporting plan
- High
Weak Italian substance, management accountability or AML ownership
- High
Underdeveloped custody, wallet, safeguarding or technology-control evidence
- High
Generic policies that do not match Italian, EU or institutional client flows
- High
Banking or PSP package prepared after the application strategy
- High
Route selection driven by budget or speed rather than regulated Italian and EU CASP operations
Fees, timelines and capital figures are indicative and may vary by business model, regulator feedback, application scope and third-party costs.
Activity fit for this route
Review which crypto activities fit within the scope of this route.
Exchange activity may require additional scope or separate licensing.
Custody may require separate review or additional controls.
Brokerage or OTC activity typically fits within scope.
Exchange activity may require additional scope or separate licensing.
EU/EEA passporting available.
High setup complexity means significant budget is needed.
Not sure if your model fits? Request a licensing assessment
Is Italy CASP authorisation right for your project?
Best for
- EU passporting and regulated CASP operations
- EU/EEA market access
Not suitable for
- Low-budget or fast offshore setup
- Projects without a prepared banking strategy
Banking difficulty is high for this route. Prepare a banking strategy before committing to the Italy route.
Core requirements
Use this section to check the main regulatory and operational requirements before committing to a jurisdiction.
Fees, timelines and capital figures are indicative and may vary by business model, regulator feedback, application scope and third-party costs.
Local substance in Italy
Local staff and a physical office should be treated as real operating requirements. Italy is a weak fit for nominal substance if management, AML, custody or technology accountability sits outside Italy without a documented oversight model.
Local staff
RequiredRequired
At least one locally-accountable staff member or director is expected.
Physical office
RequiredRequired
A genuine office presence is expected, not a nominal registered address.
Audit
RequiredRequired
External audit is required for ongoing supervision compliance.
Planning notes
- Plan Italian compliance, AML and regulator-facing accountability before submission.
- Document what is controlled locally and what is outsourced to group entities, vendors or technology providers.
- Budget staff, office, audit and ongoing compliance separately from the advisory application fee.
Fees, timelines and capital figures are indicative and may vary by business model, regulator feedback, application scope and third-party costs.
Cost breakdown
Budget for service price, regulatory fees, share capital and ongoing costs separately.
Fees, timelines and capital figures are indicative and may vary by business model, regulator feedback, application scope and third-party costs.
Cost breakdown — Italy
Budget for service price, regulatory fees, share capital and ongoing costs separately.
| Cost item | Amount |
|---|---|
| Service priceApplication preparation and professional services. | €25,000 |
| State fee | €0 |
| Required share capitalMust be held, not an expenditure. | €50,000 |
Summary
- One-off costs
- €75,000
- Annual (year 1)
- €0
- Total year 1
- €75,000
Adjust to convert to your base currency.
Fees, timelines and capital figures are indicative and may vary by business model, regulator feedback, application scope and third-party costs.
Application process
The sequence below shows the usual project flow. Exact steps depend on the regulator, business model and application scope. Italy — From 6 months.
Pre-assessment and scope review
1–3 weeksDefine the activity scope, governance model and target markets before formal preparation.
Company setup in Italy
2–6 weeksEstablish legal entity, appoint local staff and set up local operating structure.
Documentation and compliance packBottleneck risk
3–8 weeksPrepare AML/CFT policies, governance documents, controls framework and application materials.
Application submission to Commissione Nazionale per le Societa e la Borsa
1–2 weeksSubmit complete application with all required documentation.
Regulator reviewBottleneck risk
From 6 monthsRegulator reviews the application. May request clarifications. Incomplete files extend this phase.
Depends on: File quality and completeness
Authorisation or registration confirmation
1–4 weeksRegulator confirms authorisation or registration. Commence operations.
Fees, timelines and capital figures are indicative and may vary by business model, regulator feedback, application scope and third-party costs.
What can delay or increase cost
These factors are most likely to affect timelines and budgets for this route.
Setup complexity is rated high for Italy. Company setup, governance and documentation take longer than average.
Banking difficulty is rated high. Opening accounts for crypto businesses in Italy requires extensive documentation.
Ongoing supervision, audit and compliance costs are above average. Budget for these separately from the application fee.
Incomplete files are the most common cause of delay. Regulator queries extend review by weeks or months.
Fees, timelines and capital figures are indicative and may vary by business model, regulator feedback, application scope and third-party costs.
Banking and PSP strategy in Italy
Italy has high regulatory reputation, but banking difficulty remains medium to high and PSP availability is medium. Banking and payment-provider readiness should run in parallel with the CASP application, especially for exchange, custody and fiat-heavy models.
Reflects how challenging it is to open and maintain business bank accounts in this jurisdiction.
Reflects availability of payment service providers willing to onboard crypto-licensed entities.
A licence or registration does not guarantee bank account or payment provider approval. Banking feasibility should be reviewed before the application strategy is finalized.
Preparation checklist
- Prepare ownership evidence, source-of-funds materials, flow-of-funds diagrams, token policy and client geography before approaching banks.
- Explain fiat rails, safeguarding, reconciliation, custody controls, travel rule controls and transaction monitoring.
- Do not assume CASP authorisation will automatically solve account opening or PSP onboarding.
Business model fit — Italy
Assess how well this route covers your planned activities.
Fit score
- Good fit
- 0/6
- Partial fit
- 6/6
- Poor fit
- 0/6
Italy may not cover your primary activities
Consider an alternative route that better matches your activity profile.
CONSOB and Bank of Italy application profile
Commissione Nazionale per le Societa e la Borsa (CONSOB) / Bank of Italy
An Italy CASP file should read like a regulated financial services application with a coordinated supervisory audience. The file should connect service scope, ownership, governance, AML, custody, technology controls, outsourcing and banking readiness into one defensible operating model.
- CONSOB and Bank of Italy positioning is strongest for teams that value Italian/EU market credibility and can evidence real local operations.
- AML, sanctions, travel rule, transaction monitoring and suspicious activity workflows should match the product, token policy and client geography.
- Custody, safeguarding, wallet and technology-control evidence should be stronger for exchange and custody-led models than for narrow advisory models.
- Fees, timelines, supervisory allocation and regulator process should be rechecked before client-facing reliance.
Strong international recognition and established supervision track record.
Reflects documentation depth, governance requirements and expected review friction.
Reflects likelihood of delays, additional information requests or policy uncertainty.
Country-specific regulatory statements should be checked against current regulator guidance before relying on this route.
Compliance documentation
Most crypto licensing routes require a documented compliance framework before submission, not only after approval.
- RequiredAML/CFT policy and risk assessmentDocument your customer risk model and control framework.
- RequiredCustomer due diligence (CDD) procedures
- RequiredEnhanced due diligence (EDD) proceduresFor high-risk clients and jurisdictions.
- RequiredTransaction monitoring system and rules
- RequiredSanctions screening procedures
- RequiredSuspicious activity reporting (SAR) process
- RequiredMLRO / Compliance officer appointmentLocal accountability may be required.
- RecommendedBoard-approved governance charter
- ConditionalOutsourcing policy and monitoringRequired if functions are outsourced.
- RecommendedICT / cybersecurity policy
- RequiredComplaints handling procedure
- RequiredAnnual external audit engagementRequired for ongoing supervision compliance.
Country-specific regulatory statements should be checked against current regulator guidance before relying on this route.
Documents to prepare
Preparing these materials before filing reduces regulator questions and helps with banking or payment provider onboarding.
Corporate documents
AML and compliance
Operational
Fees, timelines and capital figures are indicative and may vary by business model, regulator feedback, application scope and third-party costs.
Risk assessment
Main risk dimensions for the Italy route.
Route risk rating — banking difficulty: Medium to high. Authorisation does not guarantee bank account opening.
Mitigation: Start banking outreach and compliance preparation before the application.
Route risk rating — setup complexity: High.
Route risk rating — maintenance cost: High. Budget for ongoing compliance, fees and supervision separately.
Route risk rating — regulatory reputation: High.
Route risk rating — regulatory risk: Low to medium. Weak compliance, vague scope or insufficient controls increase review risk.
Mitigation: Prepare an evidence-based compliance file before submission.
This content is for general orientation only. Crypto regulation changes quickly and the final scope should be confirmed through a jurisdiction-specific legal review before filing or incorporation.
Italy CASP vs alternatives
Compare Italy with France CASP for another premium EU market signal, Spain CASP for Iberian and EU positioning, Croatia CASP for Adriatic and CEE positioning, and Malta CASP for an established MFSA-supervised MiCA route.
Italy
CASP
- Price
- 25 000 EUR
- Timeline
- From 6 months
- Passporting
- EU/EEA
- Banking
- Medium to high
- Reputation
- High
France (CASP)
CASP
- Price
- 23 400 EUR
- Timeline
- From 6 months
- Passporting
- EU/EEA
- Banking
- Medium to high
- Reputation
- Very high
+ AMF-supervised premium EU route for French and institutional market positioning
− Can involve a similarly demanding governance, AML and regulator-facing file
View routeSpain (CASP)
CASP
- Price
- 23 700 EUR
- Timeline
- From 6 months
- Passporting
- EU/EEA
- Banking
- Medium to high
- Reputation
- High
+ CNMV-supervised EU route for Spanish, Iberian and wider EU positioning
− Different market logic and local substance model from Italy
View routeCroatia (CASP)
CASP
- Price
- 22 000 EUR
- Timeline
- From 6 months
- Passporting
- EU/EEA
- Banking
- Medium to high
- Reputation
- High
+ EU/MiCA route with Adriatic and CEE positioning
− Smaller market signal than Italy for Southern Europe expansion
View routeMalta (CASP)
CASP
- Price
- 20 700 EUR
- Timeline
- From 6 months
- Passporting
- EU/EEA
- Banking
- Medium to high
- Reputation
- High
+ Established MFSA-supervised MiCA route with mature crypto regulatory positioning
− Not a lighter route; local substance, audit and compliance burden remain material
View routeFees, timelines and capital figures are indicative and may vary by business model, regulator feedback, application scope and third-party costs.
Italy vs other CASP routes
Compare key parameters across CASP authorisation routes.
Check your readiness for Italy CASP authorisation
Documented AML/CFT policies, risk assessment, compliance officer.
From 50 000 EUR minimum capital required.
Documented AML/CFT policies, risk assessment, compliance officer.
Board, management, accountability chain defined.
Banking strategy and identified partners.
Local staff and office in Italy.
Readiness status
Answer the criteria on the left to see your readiness status.
Frequently asked questions
Italy CASP authorisation under MiCA can support EU/EEA passporting for approved services, subject to the required notification process. It should not be described as automatic access for every current or future service.
It is best suited for teams that need Italian and EU market positioning, regulated CASP operations and a high-reputation supervisory profile, while being able to maintain governance, AML, audit, custody, technology and local substance obligations.
No. Italy should be treated as a high-complexity EU authorisation route with local staff, office, audit, capital, regulator coordination, banking preparation and ongoing compliance costs.
Check the exact service scope, allocation of CONSOB and Bank of Italy supervisory responsibilities, capital, local substance, AML, custody controls, technology and outsourcing model, audit readiness, banking and PSP plan, and passporting strategy.
Compare France for another premium EU regulator profile, Spain for Iberian market logic, Croatia for Adriatic and CEE positioning, and Malta for an established MFSA-supervised MiCA route. All require legal review before relying on passporting, fees or timing assumptions.
The page is not legal advice and should not be relied on as a substitute for advice from qualified counsel in the relevant jurisdiction.
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