Micar - Operational guidance - CONSOB AND ITS ACTIVITIES
Notice to the Public: MiCAR Application – Operational Guidance
Regulation (EU) 2023/1114 on crypto-asset markets (“MiCAR”) introduced a harmonised regulation in the European Union for the issuance, offer to the public and admission to trading of crypto-assets as well as for services relating to crypto-assets which not qualify as financial instruments or other products already regulated by EU legislation[1].
Specifically, MiCAR sets out provisions for the issuance, offer to the public and admission to trading as well as for the crypto-assets services[2] in relation to three types of crypto-asset[3]:
- asset-referenced tokens ("ARTs"), defined as crypto-assets that purport to maintain a stable value by referencing another value or right or a combination thereof, including one or more official currencies;
- electronic money tokens (e-money tokens – "EMTs"), defined as crypto-assets that purport to maintain a stable value by referencing the value of one official currency; and
- so-called "other than" crypto-assets, a category that includes crypto-assets other than ARTs and EMTs; this category also includes "utility tokens", i.e. crypto-assets intended solely to provide access to a good or a service provided by the issuer, and fractions of non-fungible tokens, for example those issued in a large series or funding.
Italian Legislative Decree 129/2024 implemented MiCAR by outlining the powers and functions of Consob and the Bank of Italy. The aforementioned Decree also sets the transitional regime and transparency obligations applicable to current virtual currency operators registered in the special section of the OAM register[4]. For a description of the respective duties of Consob and the Bank of Italy in the application of MiCAR, please refer to the summary note of 29 October 2024 published on Consob’s website[5].
From 30 December 2024, MiCAR is directly applicable in its entirety[6] and operators are required to comply with it[7].
Under Consob communication no. 1/24 of 12 September 2024, in order to facilitate the speed and efficiency of the processes, those interested in submitting applications for authorisations or notifications to Consob are invited to initiate informal and preliminary discussions in order to receive clarifications on the information and documents required in the applications for authorisation or in the notifications.
Consob’s contact details are indicated in the table below.
Without prejudice to the table below, the procedures to submit complaints and whistleblowing reports pursuant to Articles 108 and 116 of MiCAR, respectively, can be found at the following links: https://www.consob.it/web/investor-education/l-invio-di-esposti; https://www.consob.it/web/area-pubblica/whistleblowing. It should be noted that Consob is not responsible for dealing with complaints relating to facts prior to the entry into effect of MiCAR and not otherwise attributable to its supervisory functions.
| Sender | Subject and regulatory references | Contact details for preliminary discussions request | Contact details for official communications |
|---|---|---|---|
| Entities that intend to offer to the public or seek the admission to trading a crypto-asset other than an asset-referenced token or an electronic money token (so-called Other Than) | Articles 6 and 8 MiCAR (and Annex I of MiCAR) | interlocuzioni.whitepaper@consob.it |
By certified email to dve@pec.consob.it (if the sender is subject to the obligation to have a certified email address) or by email to segr.dve@consob.it. Specify the recipient as "Divisione Vigilanza Emittenti" (Issuers Supervisory Division) and indicate "White Paper Other Than" (Other Than White Paper) at the beginning of the subject The following link provides an editable file to be used for the notification of the Other Than White Paper |
| Entities required to notify changes to the white paper on Other Than crypto-assets | Article 12 of MiCAR | interlocuzioni.whitepaper@consob.it |
By certified email to dve@pec.consob.it (if the sender is subject to the obligation to have a certified email address) or by email to segr.dve@consob.it. Specify the recipient as "Divisione Vigilanza Emittenti" (Issuers Supervisory Division) and indicate "White Paper Modificato Other Than" (Modified Other Than White Paper) at the beginning of the subject The following link provides an editable file to be used for the notification of the Modified Other Than White Paper |
| Entities that intend to prepare a white paper on an asset-referenced token (ART) | Article 19 of MiCAR (and Annex II of MiCAR) | Requests for information and clarifications regarding the content of the ART white paper may be made at the following email address: interlocuzioni.whitepaper@consob.it | Applications for approval of the white paper must be sent to the Bank of Italy |
| Entities required to provide an ART White Paper Exemption | Article 16(2) of MiCAR | interlocuzioni.whitepaper@consob.it |
By certified email to dve@pec.consob.it (if the sender is subject to the obligation to have a certified email address) or by email to segr.dve@consob.it. Specify the recipient as "Divisione Vigilanza Emittenti" (Issuers Supervisory Division) and indicate "White Paper ART in Esenzione" (ART White Paper Exemption) at the beginning of the subject The following link provides an editable file to be used for the notification of the ART White Paper Exemption |
| Central depositaries that intend to provide a safekeeping and administration service for crypto-assets on behalf of clients | Communication regarding the provision of a safekeeping and administration service for crypto-assets on behalf of clients pursuant to Article 60 of MiCAR and Article 16 of Italian Legislative Decree 129/2024 | N/A |
By certified email to consob@pec.consob.it (if the sender is subject to the obligation to have a certified email address) or by email to segr.dme@consob.it. Specify the recipient as "Divisione Vigilanza Mercati" (Market Monitoring Division) |
| Regulated market operators that intend to operate a crypto-asset trading platform | Communication regarding the provision of a crypto-asset trading platform management service pursuant to Article 60 of MiCAR and Article 16 of Italian Legislative Decree 129/2024 | N/A |
By certified email to consob@pec.consob.it (if the sender is subject to the obligation to have a certified email address) or by email to segr.dme@consob.it. Specify the recipient as "Divisione Vigilanza Mercati" (Market Monitoring Division) |
| Investment firms other than class 1 firms that intend to provide equivalent services | Article 60 of MiCAR | interlocuzioni.CASP@consob.it | din@pec.consob.it |
| Entities that intend to submit applications for authorisation to Consob, such as CASPs | Article 62 of MiCAR | interlocuzioni.CASP@consob.it |
The following link provides an editable file to be used in preparing the application for authorisation |
| Issuers, offerors and entities that intend to apply for admission to trading of crypto-assets | Communication of the delay in the publication of inside information pursuant Article 88(2) of MiCAR and related regulatory technical standard (Implementing Regulation 2024/2861) | N/A |
By certified email to consob@pec.consob.it (if the sender is subject to the obligation to have a certified email address) or by email to segr.dme@consob.it. Specify the recipient as "Divisione Vigilanza Mercati" (Market Monitoring Division) and indicate "MiCAR Ritardo comunicazione" (MiCAR communication delay) at the beginning of the subject |
| Entities preparing or carrying out transactions on crypto-assets in a professional capacity | Reporting suspicious orders and transactions (STOR) under Article 92 of MiCAR and related regulatory technical standard | N/A |
By certified email to consob@pec.consob.it (if the sender is subject to the obligation to have a certified email address) or by email to segr.dme@consob.it. Specify the recipient as "Divisione Vigilanza Mercati" (Market Monitoring Division) and indicate "MiCAR STOR" at the beginning of the subject |
[1] Specifically, MiCAR does not apply to crypto-assets already subject to EU regulation as they qualify as: (i) financial instruments within the meaning of Directive 2014/65/EU, (ii) deposits within the meaning of Directive 2014/49/EU, including structured deposits within the meaning of Directive 2014/65/EU, (iii) funds within the meaning of Directive (EU) 2015/2366, (iv) securitisation positions within the meaning of Regulation (EU) 2017/2402 and (v) non-life or life insurance products, pension products or social security schemes.
[2] Specifically, MiCAR sets out provisions for crypto-assets services carried out by new service providers, which must be specifically authorised 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.
[3] MiCAR has also introduced measures to prevent and counteract market abuse.
[4] See Article 45 of Italian Legislative Decree 129/2024 and Consob Communication no. 1/24 of 12 September 2024, available at the following link https://www.consob.it/documents/1912911/4009267/c20240912_01.pdf/2cb87a33-cfd6-fbe8-aa99-7e4e1afce108.
[5] The summary note of 29 October 2024 is available at the following link: https://www.consob.it/documents/d/asset-library-1912910/nota_ricognitiva_micar_consob_bi_20241029.
[6] Titles III (relating to ARTs) and Title IV (relating to EMTs) are applicable from 30 June 2024.
[7] The updated framework of level 2 and 3 measures relating to MiCAR is available on Consob's website, Regulation Section. The Q&As relating to MiCAR are available on the ESMA's website at the following link: https://www.esma.europa.eu/esma-qa-search-page.
The regulatory framework for the issuance, offer to the public and/or admission to trading of crypto-assets is set by Regulation (EU) 2023/1114 (“MiCAR”) and the related Implementing Technical Standards and Guidelines prepared by ESMA and EBA, which must be taken into account when drafting the White Paper.
The Frequently Asked Questions are for guidance purposes only. They provide answers to questions that most frequently may arise in relation to the regulatory framework referred to above, in order to support the issuer, offeror or person seeking admission to trading in the preparation of the White Paper.
This section lists contact details for further information and clarifications
| Issuers Supervisory Division | seg.dve@consob.it dve@pec.consob.it Tel. 06.84771 |
| Intermediaries Supervision and Investor Protection Division | segr.din@pec.consob.it din@pec.consob.it Tel. 06.84771 |
| Market Monitoring Division | segr.dme@consob.it dme@pec.consob.it Tel. 06.84771 |