As of 1 July, the transitional period provided for under the European Regulation on markets in crypto-assets (MiCAR) for VASPs (Virtual Asset Service Providers) operating under national regimes comes to an end.

Across the European Union, the provision of crypto-asset services to European clients is reserved exclusively to entities authorised as CASPs (Crypto-Asset Service Providers) under MiCAR, as well as to already supervised intermediaries that have notified their intention to provide crypto-asset services. Any provision of such services without authorisation would be in breach of European Union rules.

In Italy, Consob, in close coordination with the Bank of Italy, has authorised 8 CASPs to date, listed below:

• CheckSig S.r.l.
• Conio S.r.l.
• CryptoSmart S.p.A.
• Hercle S.r.l.
• Hodlie S.r.l.
• Olliv Italia S.r.l.
• Riv Digital S.r.l.
• Young Platform S.p.A.

In addition, one banking intermediary, Banca Sella S.p.A., has submitted a notification to the Bank of Italy for the provision of crypto-asset services.

These operators - like all entities authorised in other Member States - are entered in the Register of crypto-asset service providers maintained by ESMA and may offer their services in all EU countries under the so-called “European passport” regime.

Operators that, as of today, have not obtained authorisation as CASPs in at least one EU country must cease their activities, limiting themselves to activities necessary for the orderly closure of existing relationships with clients, allowing the transfer and/or liquidation of their positions in accordance with conduct rules, anti-money laundering and countering the financing of terrorism obligations, while safeguarding clients’ interests and mitigating risks to the market. In this regard, ESMA has requested that such operators prepare orderly wind-down plans to ensure the transfer of clients’ assets to authorised operators or to self-hosted wallets, without causing financial harm to clients.

On this point, investors’ attention is drawn to the importance of verifying that their service provider is effectively authorised. To this end, it is essential to:

• consult the Register of crypto-asset service providers maintained by ESMA;
• carefully verify which legal entity is actually providing the service, since the protections provided for under MiCAR apply only where the service provider is authorised in the EU, and not where the services are provided by other entities within the group, including non-EU entities, operating under the same brand without MiCAR authorisation;
• where their provider is not authorised, consider transferring their crypto-assets to an authorised entity or to a self-hosted wallet, or closing existing positions.

The Bank of Italy and Consob will continue to carry out their supervisory and public information activities, in coordination with ESMA and the other competent authorities, in order to ensure the uniform application of MiCAR and an adequate level of protection for investors and the market.