ITALY Trends and Developments Contributed by: Francesco Paolo Patti and Marta Vittoria Colombo, Patti Legal
A Slow Start in CASP Authorisations In this context, Italy has not emerged as a preferred jurisdiction for obtaining a MiCAR licence. From a stra- tegic perspective, it has generally not been regarded by market participants as a “first-choice” authorisa- tion hub within the EU. This positioning reflects a combination of factors, including the perceived stringency of the supervisory approach, the emphasis on local substance and gov- ernance, and the overall complexity of the authorisa- tion process. While these elements enhance regula- tory robustness, they also increase the cost, timing and operational burden associated with obtaining a licence. As a result, it is reasonable to expect that the majority of CASPs ultimately authorised in Italy will be domes- tically rooted operators or entities with a strong local presence. By contrast, large international groups – particularly those pursuing multi-jurisdictional strate- gies – have, in most cases, opted to seek authorisa- tion in other member states offering more streamlined processes or greater regulatory predictability, and to rely on passporting into Italy. Only limited exceptions to this trend are likely, typically involving groups with specific strategic reasons to establish a direct pres- ence in the Italian market. Italy is therefore increasingly becoming a market in which crypto-asset services are provided by CASPs authorised in other member states under the EU pass- porting regime. Market evidence suggests that this trend is already well advanced, with more than one hundred foreign-authorised providers reportedly offer- ing services into Italy on a cross-border basis. Whether this model ultimately serves the best inter- ests of Italian investors remains an open question. On the one hand, passporting promotes competition and access to a broader range of services. On the other, it may reduce the degree of direct supervisory proxim- ity between Italian authorities and service providers. The long-term impact of this dynamic – particularly in terms of investor protection and market integrity – will become clear only over time.
Crypto-Asset Issuance Under MiCAR As regards the issuance of crypto-assets under MiC- AR, Italy has not, to date, emerged as a particularly active or attractive jurisdiction for issuers. While the regulatory framework is fully in place and operational from a legal standpoint, market uptake has remained limited across all major token categories. In particular, no asset-referenced tokens (ARTs) or electronic money tokens (EMTs) have been issued from Italy so far. This is consistent with the broader European trend, where these categories – given their prudential complexity and the involvement of bank- ing or e-money licences – have seen relatively cau- tious adoption. In the Italian context, this caution is further reinforced by the supervisory approach of the competent authorities and the absence, at this stage, of strong domestic champions in the stable- coin segment. Notably, leading Italian banks have thus far favoured participation in cross-border EMT projects over the development of proprietary issu- ance schemes. Qivalis, a joint venture created by a consortium of major European banks to launch a euro-backed stablecoin, provides a clear example of this approach. Among its founding members were the Italian institutions UniCredit and Banca Sella, while Intesa Sanpaolo and BPER Banca later joined the ini- tiative. The participation of four major Italian banks highlights the significant role played by banks of our country in shaping pan-European EMT infrastructures and confirms their preference for collaborative rather than standalone issuance models. With respect to Title II MiCAR crypto-assets (the so-called “other than” tokens that do not qualify as financial instruments), activity has also been limited. To date, only six white papers have been notified to Consob, and among these there is only one project promoted by an issuer established in Italy. That project – Digital Energy – stands out as a particu- larly interesting example of how crypto-assets may be deployed in connection with the real economy. The initiative is linked to renewable energy infrastructure and is structured around a token that grants hold- ers access to the productive capacity of energy gen- eration plants. In practical terms, this translates into economic benefits for users, including the possibility
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