CASP - Crypto Assets Service Providers

Testo di esempio

Regulation (EU) 2023/1114, hereinafter “MiCAR”, in regulating markets in crypto-assets, lays down specific provisions for crypto-asset service providers, the so-called “CASPs”, Crypto-Asset Service Providers.

CASPs are authorised to provide the following crypto-asset services:

  1. custody and administration of crypto-assets on behalf of clients;
  2. operation of a trading platform for crypto-assets;
  3. exchange of crypto-assets for funds;
  4. exchange of crypto-assets for other crypto-assets;
  5. execution of orders for crypto-assets on behalf of clients;
  6. placing of crypto-assets;
  7. reception and transmission of orders for crypto-assets on behalf of clients;
  8. providing advice on crypto-assets;
  9. providing portfolio management on crypto-assets;
  10. providing transfer services for crypto-assets on behalf of clients.

These services may be provided both by specifically authorised entities, the so-called “specialised CASPs”, and by other financial entities that are already authorised and supervised, such as banks and investment firms.

Specialised CASPs must apply for specific authorisation from the national competent authority, which in Italy is Consob. Consob adopts the authorisation measures after receiving the opinion of the Bank of Italy.

For entities interested in applying for authorisation as a crypto-asset service provider, a guide has been prepared for completing the relevant application, available at the bottom of the page.

For access to the crypto-asset market as a CASP by other already authorised and supervised entities, a specific notification to the competent authority is required, namely the Bank of Italy or Consob, depending on which authority granted the authorisation.

The CASP framework is laid down not only in MiCAR, but also in specific delegated and implementing regulations, each dedicated to specific aspects of the matter, such as complaint handling procedures and conflicts of interest.

On the official ESMA page, it is possible to access the single register of crypto-asset service providers maintained by the same European authority and an overview of the Level 2 and Level 3 measures relating to MiCAR.

CASP authorisation application form Guide to completing the CASP authorisation application form

Form updated on 27 October 2025

Workshop slides “Implementation of MiCAR in Italy: the authorisation of crypto-asset service providers”

Micar - CASP

CASP - Crypto Assets Service Providers

Title V of MiCAR outlines provisions for crypto-assets services carried out by new service providers, who must be specifically authorized entities (so-called “Specialized CASPs”, i.e. crypto-asset service providers which are not already subject to a special regulation by virtue of their status as already supervised entities) as well as by financial intermediaries. Specifically, financial intermediaries (already supervised) may provide certain services upon simple notification to the competent authority (so-called "notifiable" services) while other services will require authorization (so-called "non-notifiable" services).

The application for authorization as a crypto-asset service provider and the related procedure are specified in Articles 62 and 63 of MiCAR, while the notification of the starting date of the provision of crypto-asset services by supervised intermediaries and the related procedure are specified in Article 60 of MiCAR.

The European Commission will publish the Regulatory Technical Standards (RTS) and Implementing Technical Standards (ITS) to specify the information required in the application for authorization and in the notification, as well as to establish the relevant formats, templates and standard procedures.

“Specialized CASPs” must obtain authorization from Consob, following the opinion of the Bank of Italy. Entities already authorized must notify the relevant Authority that granted the authorisation.

On 1 December 2025, Consob Resolution No. 23700/2025 was published, which provides for the introduction, among other things, of a supervisory fee of €20,000 payable by entities applying for authorisation as crypto-asset service providers (CASP), to be paid at the time of submission of the application, in accordance with the procedures set out in Article 4 of the Resolution.

For the application for authorization as a crypto-asset service provider and the related guide to completing it, please refer to the Consob web page in Italian dedicated to CASPs.

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