Italy
Retail_Trading_Status
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Executive Summary
Retail cryptocurrency trading is legally permitted in Italy but is subject to an evolving regulatory framework. Italy is aligning with the EU's MiCA regulation to harmonize crypto-asset regulation. Key aspects include a mandatory registry for VASPs managed by the OAM and oversight by CONSOB and the Bank of Italy. Crypto-assets are subject to taxation, and gains may be considered taxable income.
Key Pillars
The primary regulators are the Commissione Nazionale per le Società e la Borsa (CONSOB) and the Banca d'Italia (Bank of Italy). Italy is implementing the EU's Markets in Crypto-Assets Regulation (MiCA), which introduces authorization requirements, prudential safeguards, and market abuse rules for Crypto-Asset Service Providers (CASPs). Crypto-asset service providers are subject to stringent Know Your Customer (KYC) and Anti-Money Laundering (AML) obligations, aligning with EU AML Directives. VASPs must register with the OAM, and CASPs will need authorization under MiCA.
Landmark Laws
Regulation (EU) 2023/1114 (Markets in Crypto-Assets Regulation - MiCA): Aims to create a harmonized regulatory landscape for crypto-assets across EU member states, introducing comprehensive rules for CASPs, including authorization requirements, prudential safeguards, market abuse rules, and investor protection measures. It distinguishes between e-money tokens (EMTs), asset-referenced tokens (ARTs), and other crypto-assets like utility tokens and Bitcoin. Provisions are becoming applicable in stages, with full application expected by the end of December 2024 or shortly thereafter.
Ministerial Decree (February 2022): Established a mandatory registry for Virtual Asset Service Providers (VASPs), including exchanges and wallet providers, managed by the Organismo Agenti e Mediatori (OAM).
Considerations
Crypto-assets are subject to taxation, with gains from their sale or exchange potentially considered taxable income. The Italian tax authorities (Agenzia delle Entrate) have provided guidance on this. Changes to the tax regime include adjustments to tax rates and the elimination of previous exemption thresholds. There are requirements for declaring crypto-asset holdings in tax returns, especially those held with foreign intermediaries or in self-custody. An annual wealth tax (imposta di bollo) on crypto-assets may apply. CONSOB and the Bank of Italy have issued warnings about the risks of cryptocurrency trading, citing volatility, lack of guarantees, and potential for fraud.
Notes
Operators currently registered as VASPs with the OAM will need to seek authorization as CASPs under MiCA, with transitional arrangements. The authorities are actively working on the detailed implementation and supervision of the new framework. A protocol of understanding between CONSOB and the Bank of Italy has been established to ensure coordinated supervision. Legislative Decree no. 129 of September 5, 2024 (the so-called MiCAR Decree), has been transposed into Italy, redesigning the rules of the cryptocurrency sector, making them homogeneous in all European States and governing the transition for cryptocurrency Operators, currently 'VASPs' (Virtual Asset Service Providers) into the new world of 'CASPs' (Crypto assets service providers).
Detailed Explanation
Detailed Explanation
Retail cryptocurrency trading is legally permitted in Italy, but is regulated and evolving rapidly with increasingly comprehensive regulatory frameworks. Italy is aligning its laws with the European Union's Markets in Crypto-Assets Regulation (MiCA), Regulation (EU) 2023/1114, to create harmonized crypto-asset regulation across EU member states. MiCA entered into force on June 29, 2023, with applicability starting June 30, 2024, for EMTs and ARTs, and fully by December 30, 2024. The Council of Ministers gave preliminary approval to the legislative decree adapting national legislation to MiCA on June 24, 2024. Legislative Decree no. 129 of September 5, 2024 (the so-called MiCAR Decree), has been transposed into Italy on September 14, 2024.
Historically, Italy lacked specific crypto regulations, applying general financial and AML laws. A significant step was the February 2022 Ministerial Decree establishing a mandatory registry for Virtual Asset Service Providers (VASPs) managed by the Organismo Agenti e Mediatori (OAM). K&L Gates noted this decree as an essential condition for operating in Italy, requiring providers of virtual currency or digital wallet services to register with the OAM.
The primary regulatory authorities are the Commissione Nazionale per le Società e la Borsa (CONSOB) and the Banca d'Italia (Bank of Italy). CONSOB is responsible for investor protection, transparency, and market conduct, including white paper approval. The Bank of Italy focuses on financial stability, prudential requirements for token issuers, and payment systems. A protocol of understanding between CONSOB and the Bank of Italy ensures coordinated supervision. Agenda Digitale reported that the decree identifies Consob and the Bank of Italy as the competent authorities for supervising issuers and service providers.
Key regulatory aspects include MiCA implementation, KYC/AML requirements, taxation, and investor protection. MiCA introduces authorization, prudential safeguards, and market abuse rules for Crypto-Asset Service Providers (CASPs). Crypto-asset service providers must adhere to stringent KYC/AML obligations in line with EU AML Directives. The OAM registry was an initial step, and MiCA further strengthens these obligations for CASPs. Italy has specific tax rules for cryptocurrencies, where gains from their sale or exchange can be considered taxable income for individuals, taxable at the same rate applicable to financial assets (26%), as indicated by FISCOeTASSE.com. Changes to tax rates and the elimination of exemption thresholds are anticipated. Crypto-asset holdings must be declared in tax returns, particularly those held with foreign intermediaries or in self-custody. An annual wealth tax (imposta di bollo) may also apply.
Both CONSOB and the Bank of Italy have issued warnings about the risks associated with cryptocurrency trading, emphasizing volatility, lack of guarantees, and potential for fraud. MiCA includes provisions for investor protection, such as transparency in white papers and rules against market abuse. Operators registered as VASPs with the OAM will need to seek authorization as CASPs under MiCA, with transitional arrangements in place. The authorities are actively working on the detailed implementation and supervision of this new framework. Banca d'Italia stated that MiCA aims to monitor risks from uncontrolled development of crypto-assets for the financial and payment system, as well as for users. OAM noted the transition for cryptocurrency operators, currently VASPs, into the new world of CASPs.
Summary Points
Retail Cryptocurrency Trading in Italy: Regulatory Overview (2025)
I. General Regulatory Status:
- Allowed and Regulated: Retail cryptocurrency trading (buying, selling, and holding) is legally permitted in Italy but is subject to increasing regulation.
- EU Alignment: Italy is aligning its national laws with the EU's Markets in Crypto-Assets (MiCA) regulation.
II. Key Regulatory Bodies:
- Commissione Nazionale per le Società e la Borsa (CONSOB):
- Investor protection
- Transparency
- Market conduct
- Approval of white papers for crypto-asset offerings
- Banca d'Italia (Bank of Italy):
- Financial stability
- Prudential requirements for issuers of e-money tokens (EMTs) and asset-referenced tokens (ARTs)
- Payment systems
- Organismo Agenti e Mediatori (OAM):
- Historically managed the registry for Virtual Asset Service Providers (VASPs).
- Role is evolving with MiCA implementation.
- Coordination: CONSOB and the Bank of Italy have a protocol of understanding for coordinated supervision.
III. Key Legislation and Regulations:
- Markets in Crypto-Assets (MiCA) Regulation (EU 2023/1114):
- Comprehensive regime for Crypto-Asset Service Providers (CASPs).
- Authorization requirements for CASPs.
- Prudential safeguards.
- Rules on market abuse.
- Investor protection measures.
- Distinguishes between crypto-asset types (EMTs, ARTs, utility tokens, etc.).
- Applicable in stages, with full application expected by the end of December 2024 or shortly thereafter.
- National Legislative Decrees: Italy has approved legislative decrees to adapt its national framework to MiCA.
- Ministerial Decree (February 2022): Established the mandatory OAM registry for VASPs (a precursor to MiCA).
IV. Compliance Requirements:
- Authorization as CASP: Operators currently registered as VASPs with the OAM must seek authorization as CASPs under MiCA.
- KYC/AML: Crypto-asset service providers are subject to stringent Know Your Customer (KYC) and Anti-Money Laundering (AML) obligations, in line with EU AML Directives.
- Taxation:
- Crypto-assets are subject to taxation.
- Gains from sale or exchange can be taxable income.
- Requirements for declaring crypto-asset holdings in tax returns, especially those held with foreign intermediaries or in self-custody.
- Potential annual wealth tax (imposta di bollo) on crypto-assets.
V. Notable Restrictions and Limitations:
- Warnings to the Public: CONSOB and the Bank of Italy have issued warnings regarding the risks of cryptocurrency trading (volatility, lack of guarantees, potential for fraud).
- Transition Period: Existing VASPs have a transitional period to become authorized CASPs under MiCA.
VI. Recent Developments and Changes:
- MiCA Implementation: Ongoing process of adapting national laws to MiCA.
- OAM to CASP Transition: VASPs transitioning to CASPs under MiCA regulations.
- Tax Regime Changes: Adjustments to tax rates and the elimination of previous exemption thresholds for smaller gains have been introduced and are set to take effect, with further changes anticipated.
- Supervisory Authority Designation: CONSOB and the Bank of Italy designated as competent authorities for supervising issuers and service providers under MiCA.
Full Analysis Report
Full Analysis Report
Report on Retail_Trading_Status in Italy
Date: 2025-06-26
Topic: Retail_Trading_Status
Description: Assess whether individual citizens and residents in the country are legally permitted to buy, sell, and hold cryptocurrencies. Detail the regulatory environment surrounding this activity (e.g., KYC/AML requirements imposed on platforms, general warnings issued).
Retail_Trading_Status: Allowed-Regulated
Narrative Explanation:
Retail cryptocurrency trading, encompassing the buying, selling, and holding of cryptocurrencies by individual citizens and residents, is legally permitted in Italy. However, this activity is subject to a rapidly evolving and increasingly comprehensive regulatory framework. Italy is aligning its national laws with the European Union's Markets in Crypto-Assets Regulation (MiCA), which aims to create a harmonized regulatory landscape for crypto-assets across EU member states.
Historically, Italy's approach was characterized by a lack of specific crypto-focused regulations, with general financial and anti-money laundering (AML) laws being applied. A significant step towards specific regulation was the introduction of a mandatory registry for Virtual Asset Service Providers (VASPs), including exchanges and wallet providers, managed by the Organismo Agenti e Mediatori (OAM). This registry, established by a Ministerial Decree in February 2022, requires operators to meet certain legal and administrative requirements to offer services in Italy.
The primary regulatory authorities involved in overseeing crypto activities are the Commissione Nazionale per le Società e la Borsa (CONSOB) and the Banca d'Italia (Bank of Italy). Their roles and responsibilities have been further clarified with the national implementation of MiCA. CONSOB is generally responsible for investor protection, transparency, and market conduct, including the approval of white papers for crypto-asset offerings. The Bank of Italy focuses on financial stability, prudential requirements for issuers of certain types of tokens (like e-money tokens and asset-referenced tokens), and payment systems. A protocol of understanding between CONSOB and the Bank of Italy has been established to ensure coordinated supervision.
Key Regulatory Aspects:
- MiCA Implementation: Italy has approved legislative decrees to adapt its national framework to MiCA (Regulation (EU) 2023/1114). MiCA introduces a comprehensive regime for crypto-asset service providers (CASPs), including authorization requirements, prudential safeguards, rules on market abuse, and investor protection measures. The regulation distinguishes between different types of crypto-assets, such as e-money tokens (EMTs), asset-referenced tokens (ARTs), and other crypto-assets (e.g., utility tokens, Bitcoin). MiCA's provisions are becoming applicable in stages, with full application expected by the end of December 2024 or shortly thereafter, including transitional periods for existing VASPs to become authorized CASPs.
- KYC/AML Requirements: Crypto-asset service providers are subject to stringent Know Your Customer (KYC) and Anti-Money Laundering (AML) obligations. These requirements are in line with EU AML Directives and aim to prevent the use of cryptocurrencies for illicit activities. The OAM registry for VASPs was an initial step in formalizing AML oversight for the sector. The new MiCA framework and related national legislation further strengthen these obligations for CASPs.
- Taxation: Italy has specific tax rules for cryptocurrencies. Crypto-assets are subject to taxation, and gains from their sale or exchange can be considered taxable income for individuals. The Italian tax authorities (Agenzia delle Entrate) have provided guidance on the matter. Changes to the tax regime, including adjustments to tax rates and the elimination of previous exemption thresholds for smaller gains, have been introduced and are set to take effect, with further changes anticipated. There are also requirements for declaring crypto-asset holdings in tax returns, particularly those held with foreign intermediaries or in self-custody. An annual wealth tax (imposta di bollo) on crypto-assets may also apply.
- Investor Protection and Warnings: Both CONSOB and the Bank of Italy have issued warnings to the public regarding the risks associated with cryptocurrency trading, emphasizing their volatility, lack of guarantees, and potential for fraud. The MiCA regulation itself includes significant provisions aimed at enhancing investor protection, such as requirements for transparency in white papers and rules against market abuse.
The transition to the full MiCA regime is ongoing. Operators currently registered as VASPs with the OAM will need to seek authorization as CASPs under the new rules, with transitional arrangements in place. The authorities are actively working on the detailed implementation and supervision of this new framework.
Relevant Text Excerpts:
- Bank of Italy on MiCA: "Il Regolamento (UE) 2023/1114 (Markets in Crypto-Assets Regulation o Regolamento MiCA) disciplina i mercati per le cripto-attività con l'obiettivo di presidiare i rischi che uno sviluppo incontrollato di tali prodotti può generare per il regolare funzionamento del sistema dei pagamenti e finanziario, oltre che per coloro che li detengono e li utilizzano... Il Regolamento MiCA è entrato in vigore il 29 giugno 2023 ed è applicabile dal 30 giugno 2024 per le disposizioni relative all'emissione, offerta al pubblico e richiesta di ammissione alla negoziazione di EMT e ART e dal 30 dicembre 2024 nella sua interezza." (Translation: "Regulation (EU) 2023/1114 (Markets in Crypto-Assets Regulation or MiCA Regulation) governs the markets for crypto-assets with the aim of monitoring the risks that uncontrolled development of these products can generate for the regular functioning of the payment and financial system, as well as for those who hold and use them... The MiCA Regulation entered into force on June 29, 2023, and is applicable from June 30, 2024, for the provisions relating to the issuance, public offering, and request for admission to trading of EMTs and ARTs, and from December 30, 2024, in its entirety.")
- K&L Gates on OAM Registry: "Tale Decreto prevede, quale condizione essenziale per operare sul territorio della Repubblica italiana (anche online), che i prestatori di servizi relativi all'utilizzo di valuta virtuale o di portafoglio digitale (i “Prestatori di Servizi”) debbano iscriversi ad un'apposita sezione del registro informatizzato dei cambiavalute detenuto dall'organismo di vigilanza di agenti e mediatori creditizi (OAM)." (Translation: "This Decree provides, as an essential condition for operating in the territory of the Italian Republic (including online), that providers of services relating to the use of virtual currency or digital wallets (the "Service Providers") must register in a special section of the computerized register of currency exchangers held by the supervisory body for credit agents and brokers (OAM).")
- FISCOeTASSE.com on Crypto Taxation: "Per le persone fisiche le plusvalenze da cripto-attività sono imponibili con la stessa aliquota applicabile alle attività finanziarie (26%) a patto che il reddito non sia conseguito nell'esercizio di attività d'impresa, arti o professioni o in qualità di lavoratore dipendente." (Translation: "For natural persons, capital gains from crypto-assets are taxable at the same rate applicable to financial assets (26%) provided that the income is not earned in the exercise of business activities, arts or professions or as an employee.") (Note: Tax rates and thresholds are subject to change, as indicated by more recent sources detailing future increases and elimination of exemptions.)
- Agenda Digitale on MiCA Implementation and Supervisory Authorities: "Lo scorso 24 giugno 2024 il Consiglio dei Ministri ha approvato, in esame preliminare, il decreto legislativo di adeguamento della normativa nazionale alle disposizioni del Regolamento (UE) 2023/1114 del Parlamento europeo e del Consiglio, del 31 maggio 2023, relativo ai mercati delle cripto-attività (“MiCa” e il decreto legislativo, il “Decreto”)... In particolare, il Decreto tratta determinati aspetti del MiCa quali l'individuazione delle Autorità di Vigilanza, le sanzioni e le disposizioni di coordinamento con le norme interne. Per quanto riguarda la vigilanza sugli emittenti e i prestatori di servizi, come si era già anticipato, il Decreto individua quali Autorità competenti la Consob e la Banca d'Italia." (Translation: "On June 24, 2024, the Council of Ministers gave its preliminary approval to the legislative decree adapting national legislation to the provisions of Regulation (EU) 2023/1114 of the European Parliament and of the Council of May 31, 2023, on markets in crypto-assets ('MiCa' and the legislative decree, the 'Decree')... In particular, the Decree addresses certain aspects of MiCa such as the identification of the Supervisory Authorities, sanctions, and provisions for coordination with internal rules. Regarding the supervision of issuers and service providers, as previously anticipated, the Decree identifies Consob and the Bank of Italy as the competent Authorities.")
- OAM on Transition from VASP to CASP: "Con l'entrata in vigore in data 14 settembre del D.LGs n.129 del 5 settembre 2024 (c.d. Decreto MiCAR), è stato recepito in Italia il Regolamento UE nr. 2023/1114 relativo ai mercati delle cripto-attività (c.d. MiCAR) che ridisegna le regole di questo settore, rendendole omogenee in tutti gli Stati europei e che disciplina il passaggio per gli Operatori in criptovalute, attualmente “VASPs” (Virtual Asset Service Providers) nel nuovo mondo “CASPs” (Crypto assets service providers)." (Translation: "With the entry into force on September 14 of Legislative Decree no. 129 of September 5, 2024 (the so-called MiCAR Decree), EU Regulation no. 2023/1114 on markets in crypto-assets (the so-called MiCAR) was transposed into Italy, redesigning the rules of this sector, making them homogeneous in all European States and governing the transition for cryptocurrency Operators, currently 'VASPs' (Virtual Asset Service Providers) into the new world of 'CASPs' (Crypto assets service providers).")
URL Links to Sources:
- Banca d'Italia - Soggetti MiCAR operanti in cripto-attività: https://www.bancaditalia.it/compiti/vigilanza/soggetti-micar/index.html
- K&L Gates - In vigore il Decreto Ministeriale che attua l'obbligo di registrazione degli operatori in criptovalute: https://www.klgates.com/In-vigore-il-Decreto-Ministeriale-che-attua-lobbligo-di-registrazione-degli-operatori-in-criptovalute-02-22-2022
- FISCOeTASSE.com - Tassazione criptovalute: indicazioni operative delle Entrate: https://www.fiscoetasse.com/rassegna-stampa/30842-tassazione-criptovalute-indicazioni-operative-delle-entrate.html
- Agenda Digitale - Cripto-attività, l'Italia si allinea al Regolamento MiCa: tutte le novità: https://www.agendadigitale.eu/mercati-digitali/cripto-attivita-litalia-si-allinea-al-regolamento-mica-tutte-le-novita/
- OAM - ENTRATA IN VIGORE MiCAR - INFORMAZIONI SUL REGIME TRANSITORIO DA VASP A CASP: https://www.organismo-am.it/news-eventi/news/avvisi-allutenza/dettaglio/NWS1000109
- Studio Legale Imbergamo - Criptovalute e antiriciclaggio: https://www.studiolegaleimbergamo.it/approfondimenti/criptovalute-e-antiriciclaggio/
- Diritto del Risparmio - L'adeguamento della normativa nazionale sulle cripto-attività agli obblighi antiriciclaggio dell'Unione Europea: https://www.dirittodelrisparmio.it/ladefuamento-della-normativa-nazionale-sulle-cripto-attivita-agli-obblighi-antiriciclaggio-dellunione-europea/
- The Cryptonomist - MiCA in Italia: guida per gli operatori di criptovalute: https://it.cryptonomist.ch/2024/12/15/mica-italia-guida-operatori-criptovalute/
- Diritto Bancario - MICAR: indicazioni di Banca d'Italia per l'applicazione del Regolamento: https://www.dirittobancario.it/art/10309/micar-indicazioni-di-banca-d-italia-per-l-applicazione-del-regolamento
- Blockpit - Guida fiscale 2025: tasse sulle criptovalute in Italia: https://blockpit.io/it/blog/tasse-sulle-criptovalute-in-italia-guida-fiscale
- Accountable - La tassazione delle criptovalute in Italia: tutto quello che c'è da sapere: https://www.accountable.de/blog/tassazione-criptovalute-italia/
- FatturaPRO.click - Tassazione delle plusvalenze da cripto-attività per persone fisiche nel 2025: https://fatturapro.click/blog/tassazione-plusvalenze-cripto-attivita-persone-fisiche/
- Giuffrè Francis Lefebvre - Criptovalute e antiriciclaggio: il d.lgs. 125/2019, in attesa della nuova direttiva: https://www.giuffre.it/penale/approfondimenti/criptovalute-e-antiriciclaggio-il-d-lgs-125-2019-in-attesa-della-nuova-direttiva
- Diritto.it - Presidi antiriciclaggio per le cripto-attività: nuove misure CdM: https://www.diritto.it/presidi-antiriciclaggio-per-le-cripto-attivita-nuove-misure-cdm/
- FISCOeTASSE.com - Criptovalute: registro degli operatori al via il 16 maggio: https://www.fiscoetasse.com/fisco/29986-criptovalute-registro-degli-operatori-al-via-il-16-maggio.html
- La Voce degli Indipendenti - Criptovalute: il mercato in Italia verso la regolamentazione: https://www.lavocedeglindipendenti.it/finanza/criptovalute-il-mercato-in-italia-verso-la-regolamentazione/
- Tasse Trading - Criptovalute: Dichiarazione Redditi Crypto - Tasse Trading: https://www.tassetrading.it/criptovalute-tasse
- Rivista Trimestrale di Diritto Penale dell'Economia - Le valute virtuali alla luce della V Direttiva Antiriciclaggio: https://www.rivistatrimestraledirittopenaleeconomia.it/fascicoli/2019/3-4/le-valute-virtuali-alla-luce-della-v-direttiva-antiriciclaggio-di-vito-pacillo/
- Andersen in Italia - Regolamento MiCA in vigore dal 14 settembre 2024: https://www.andersen.com/it/insights/regolamento-mica-in-vigore-dal-14-settembre-2024/
- CMS Law - Operatori in criptovalute: con l'istituzione del registro speciale dell'OAM scattano i requisiti regolamentari per operare in Italia: https://cms.law/it/ita/news-information/news/operatori-in-criptovalute-con-l-istituzione-del-registro-speciale-dell-oam-scattano-i-requisiti-regolamentari-per-operare-in-italia
- Consulenza Evoluta - Obbligo di registrazione per gli operatori in criptovalute con ricadute sugli investitori: https://www.consulenzaevoluta.it/news/obbligo-di-registrazione-per-gli-operatori-in-criptovalute-con-ricadute-sugli-investitori/
- Diritto Bancario - Il Regolamento MiCA nel nuovo Quaderno Banca d'Italia: https://www.dirittobancario.it/art/10681/il-regolamento-mica-nel-nuovo-quaderno-banca-d-italia
- ADVANT Nctm - Allarme cripto: https://www.advant-nctm.com/insights/articles/2025/04/02/allarme-cripto/
- Edotto - Protocollo d'Intesa Banca d'Italia-Consob per la vigilanza sulle cripto-attività: https://www.edotto.com/articolo/protocollo-dintesa-banca-ditalia-consob-per-la-vigilanza-sulle-cripto-attivita_309620
- GruppoPiù - Tassazione Criptovalute 2025-2026: aliquota al 33% e nuove regole fiscali: https://www.gruppopiu.org/tassazione-criptovalute-2025-2026/
- Agenda Digitale - MiCA, punto di svolta per le criptovalute in Ue: le opportunità per l'Italia: https://www.agendadigitale.eu/mercati-digitali/mica-punto-di-svolta-per-le-criptovalute-in-ue-le-opportunita-per-litalia/
- Canella Camaiora Studio Legale - Il MiCA e la regolamentazione delle cripto-attività in UE: https://canellacamaiora.it/approfondimenti/il-mica-e-la-regolamentazione-delle-cripto-attivita-in-ue/
- Italia Informa - Trading online: cos'è e come farlo nel 2025: https://www.italiainforma.com/economia/trading-online-cose-e-come-farlo/
- QuotidianoPiù - Cripto-attività: rapporto tra disposizioni interne e Regolamento UE: https://www.quotidianopiu.it/normativa-e-prassi/prassi/2024/06/25/cripto-attivita-rapporto-tra-disposizioni-interne-e-regolamento-ue/
- Agenda Digitale - Decreto criptovalute: tutto ciò che bisogna sapere: https://www.agendadigitale.eu/mercati-digitali/decreto-criptovalute-tutto-cio-che-bisogna-sapere/
- XTB - Tassazione Criptovalute in Italia: Novità Fiscali 2025-2026: https://www.xtb.com/it/formazione/tassazione-criptovalute-italia
- Servicematica - Cripto-attività sotto la lente: Consob e Banca d'Italia vigilano, sanzioni in arrivo da fine anno: https://www.servicematica.com/cripto-attivita-sotto-la-lente-consob-e-banca-ditalia-vigilano-sanzioni-in-arrivo-da-fine-anno/
## Report on Retail_Trading_Status in Italy
**Date:** 2025-06-26
**Topic:** Retail_Trading_Status
**Description:** Assess whether individual citizens and residents in the country are legally permitted to buy, sell, and hold cryptocurrencies. Detail the regulatory environment surrounding this activity (e.g., KYC/AML requirements imposed on platforms, general warnings issued).
---
### Retail_Trading_Status: Allowed-Regulated
**Narrative Explanation:**
Retail cryptocurrency trading, encompassing the buying, selling, and holding of cryptocurrencies by individual citizens and residents, is legally permitted in Italy. However, this activity is subject to a rapidly evolving and increasingly comprehensive regulatory framework. Italy is aligning its national laws with the European Union's Markets in Crypto-Assets Regulation (MiCA), which aims to create a harmonized regulatory landscape for crypto-assets across EU member states.
Historically, Italy's approach was characterized by a lack of specific crypto-focused regulations, with general financial and anti-money laundering (AML) laws being applied. A significant step towards specific regulation was the introduction of a mandatory registry for Virtual Asset Service Providers (VASPs), including exchanges and wallet providers, managed by the Organismo Agenti e Mediatori (OAM). This registry, established by a Ministerial Decree in February 2022, requires operators to meet certain legal and administrative requirements to offer services in Italy.
The primary regulatory authorities involved in overseeing crypto activities are the **Commissione Nazionale per le Società e la Borsa (CONSOB)** and the **Banca d'Italia (Bank of Italy)**. Their roles and responsibilities have been further clarified with the national implementation of MiCA. CONSOB is generally responsible for investor protection, transparency, and market conduct, including the approval of white papers for crypto-asset offerings. The Bank of Italy focuses on financial stability, prudential requirements for issuers of certain types of tokens (like e-money tokens and asset-referenced tokens), and payment systems. A protocol of understanding between CONSOB and the Bank of Italy has been established to ensure coordinated supervision.
**Key Regulatory Aspects:**
* **MiCA Implementation:** Italy has approved legislative decrees to adapt its national framework to MiCA (Regulation (EU) 2023/1114). MiCA introduces a comprehensive regime for crypto-asset service providers (CASPs), including authorization requirements, prudential safeguards, rules on market abuse, and investor protection measures. The regulation distinguishes between different types of crypto-assets, such as e-money tokens (EMTs), asset-referenced tokens (ARTs), and other crypto-assets (e.g., utility tokens, Bitcoin). MiCA's provisions are becoming applicable in stages, with full application expected by the end of December 2024 or shortly thereafter, including transitional periods for existing VASPs to become authorized CASPs.
* **KYC/AML Requirements:** Crypto-asset service providers are subject to stringent Know Your Customer (KYC) and Anti-Money Laundering (AML) obligations. These requirements are in line with EU AML Directives and aim to prevent the use of cryptocurrencies for illicit activities. The OAM registry for VASPs was an initial step in formalizing AML oversight for the sector. The new MiCA framework and related national legislation further strengthen these obligations for CASPs.
* **Taxation:** Italy has specific tax rules for cryptocurrencies. Crypto-assets are subject to taxation, and gains from their sale or exchange can be considered taxable income for individuals. The Italian tax authorities (Agenzia delle Entrate) have provided guidance on the matter. Changes to the tax regime, including adjustments to tax rates and the elimination of previous exemption thresholds for smaller gains, have been introduced and are set to take effect, with further changes anticipated. There are also requirements for declaring crypto-asset holdings in tax returns, particularly those held with foreign intermediaries or in self-custody. An annual wealth tax (imposta di bollo) on crypto-assets may also apply.
* **Investor Protection and Warnings:** Both CONSOB and the Bank of Italy have issued warnings to the public regarding the risks associated with cryptocurrency trading, emphasizing their volatility, lack of guarantees, and potential for fraud. The MiCA regulation itself includes significant provisions aimed at enhancing investor protection, such as requirements for transparency in white papers and rules against market abuse.
The transition to the full MiCA regime is ongoing. Operators currently registered as VASPs with the OAM will need to seek authorization as CASPs under the new rules, with transitional arrangements in place. The authorities are actively working on the detailed implementation and supervision of this new framework.
**Relevant Text Excerpts:**
* **Bank of Italy on MiCA:** "Il Regolamento (UE) 2023/1114 (Markets in Crypto-Assets Regulation o Regolamento MiCA) disciplina i mercati per le cripto-attività con l'obiettivo di presidiare i rischi che uno sviluppo incontrollato di tali prodotti può generare per il regolare funzionamento del sistema dei pagamenti e finanziario, oltre che per coloro che li detengono e li utilizzano... Il Regolamento MiCA è entrato in vigore il 29 giugno 2023 ed è applicabile dal 30 giugno 2024 per le disposizioni relative all'emissione, offerta al pubblico e richiesta di ammissione alla negoziazione di EMT e ART e dal 30 dicembre 2024 nella sua interezza." (Translation: "Regulation (EU) 2023/1114 (Markets in Crypto-Assets Regulation or MiCA Regulation) governs the markets for crypto-assets with the aim of monitoring the risks that uncontrolled development of these products can generate for the regular functioning of the payment and financial system, as well as for those who hold and use them... The MiCA Regulation entered into force on June 29, 2023, and is applicable from June 30, 2024, for the provisions relating to the issuance, public offering, and request for admission to trading of EMTs and ARTs, and from December 30, 2024, in its entirety.")
* **K&L Gates on OAM Registry:** "Tale Decreto prevede, quale condizione essenziale per operare sul territorio della Repubblica italiana (anche online), che i prestatori di servizi relativi all'utilizzo di valuta virtuale o di portafoglio digitale (i “Prestatori di Servizi”) debbano iscriversi ad un'apposita sezione del registro informatizzato dei cambiavalute detenuto dall'organismo di vigilanza di agenti e mediatori creditizi (OAM)." (Translation: "This Decree provides, as an essential condition for operating in the territory of the Italian Republic (including online), that providers of services relating to the use of virtual currency or digital wallets (the "Service Providers") must register in a special section of the computerized register of currency exchangers held by the supervisory body for credit agents and brokers (OAM).")
* **FISCOeTASSE.com on Crypto Taxation:** "Per le persone fisiche le plusvalenze da cripto-attività sono imponibili con la stessa aliquota applicabile alle attività finanziarie (26%) a patto che il reddito non sia conseguito nell'esercizio di attività d'impresa, arti o professioni o in qualità di lavoratore dipendente." (Translation: "For natural persons, capital gains from crypto-assets are taxable at the same rate applicable to financial assets (26%) provided that the income is not earned in the exercise of business activities, arts or professions or as an employee.") (Note: Tax rates and thresholds are subject to change, as indicated by more recent sources detailing future increases and elimination of exemptions.)
* **Agenda Digitale on MiCA Implementation and Supervisory Authorities:** "Lo scorso 24 giugno 2024 il Consiglio dei Ministri ha approvato, in esame preliminare, il decreto legislativo di adeguamento della normativa nazionale alle disposizioni del Regolamento (UE) 2023/1114 del Parlamento europeo e del Consiglio, del 31 maggio 2023, relativo ai mercati delle cripto-attività (“MiCa” e il decreto legislativo, il “Decreto”)... In particolare, il Decreto tratta determinati aspetti del MiCa quali l'individuazione delle Autorità di Vigilanza, le sanzioni e le disposizioni di coordinamento con le norme interne. Per quanto riguarda la vigilanza sugli emittenti e i prestatori di servizi, come si era già anticipato, il Decreto individua quali Autorità competenti la Consob e la Banca d'Italia." (Translation: "On June 24, 2024, the Council of Ministers gave its preliminary approval to the legislative decree adapting national legislation to the provisions of Regulation (EU) 2023/1114 of the European Parliament and of the Council of May 31, 2023, on markets in crypto-assets ('MiCa' and the legislative decree, the 'Decree')... In particular, the Decree addresses certain aspects of MiCa such as the identification of the Supervisory Authorities, sanctions, and provisions for coordination with internal rules. Regarding the supervision of issuers and service providers, as previously anticipated, the Decree identifies Consob and the Bank of Italy as the competent Authorities.")
* **OAM on Transition from VASP to CASP:** "Con l'entrata in vigore in data 14 settembre del D.LGs n.129 del 5 settembre 2024 (c.d. Decreto MiCAR), è stato recepito in Italia il Regolamento UE nr. 2023/1114 relativo ai mercati delle cripto-attività (c.d. MiCAR) che ridisegna le regole di questo settore, rendendole omogenee in tutti gli Stati europei e che disciplina il passaggio per gli Operatori in criptovalute, attualmente “VASPs” (Virtual Asset Service Providers) nel nuovo mondo “CASPs” (Crypto assets service providers)." (Translation: "With the entry into force on September 14 of Legislative Decree no. 129 of September 5, 2024 (the so-called MiCAR Decree), EU Regulation no. 2023/1114 on markets in crypto-assets (the so-called MiCAR) was transposed into Italy, redesigning the rules of this sector, making them homogeneous in all European States and governing the transition for cryptocurrency Operators, currently 'VASPs' (Virtual Asset Service Providers) into the new world of 'CASPs' (Crypto assets service providers).")
**URL Links to Sources:**
1. **Banca d'Italia - Soggetti MiCAR operanti in cripto-attività:** [https://www.bancaditalia.it/compiti/vigilanza/soggetti-micar/index.html](https://www.bancaditalia.it/compiti/vigilanza/soggetti-micar/index.html)
2. **K&L Gates - In vigore il Decreto Ministeriale che attua l'obbligo di registrazione degli operatori in criptovalute:** [https://www.klgates.com/In-vigore-il-Decreto-Ministeriale-che-attua-lobbligo-di-registrazione-degli-operatori-in-criptovalute-02-22-2022](https://www.klgates.com/In-vigore-il-Decreto-Ministeriale-che-attua-lobbligo-di-registrazione-degli-operatori-in-criptovalute-02-22-2022)
3. **FISCOeTASSE.com - Tassazione criptovalute: indicazioni operative delle Entrate:** [https://www.fiscoetasse.com/rassegna-stampa/30842-tassazione-criptovalute-indicazioni-operative-delle-entrate.html](https://www.fiscoetasse.com/rassegna-stampa/30842-tassazione-criptovalute-indicazioni-operative-delle-entrate.html)
4. **Agenda Digitale - Cripto-attività, l'Italia si allinea al Regolamento MiCa: tutte le novità:** [https://www.agendadigitale.eu/mercati-digitali/cripto-attivita-litalia-si-allinea-al-regolamento-mica-tutte-le-novita/](https://www.agendadigitale.eu/mercati-digitali/cripto-attivita-litalia-si-allinea-al-regolamento-mica-tutte-le-novita/)
5. **OAM - ENTRATA IN VIGORE MiCAR - INFORMAZIONI SUL REGIME TRANSITORIO DA VASP A CASP:** [https://www.organismo-am.it/news-eventi/news/avvisi-allutenza/dettaglio/NWS1000109](https://www.organismo-am.it/news-eventi/news/avvisi-allutenza/dettaglio/NWS1000109)
6. **Studio Legale Imbergamo - Criptovalute e antiriciclaggio:** [https://www.studiolegaleimbergamo.it/approfondimenti/criptovalute-e-antiriciclaggio/](https://www.studiolegaleimbergamo.it/approfondimenti/criptovalute-e-antiriciclaggio/)
7. **Diritto del Risparmio - L'adeguamento della normativa nazionale sulle cripto-attività agli obblighi antiriciclaggio dell'Unione Europea:** [https://www.dirittodelrisparmio.it/ladefuamento-della-normativa-nazionale-sulle-cripto-attivita-agli-obblighi-antiriciclaggio-dellunione-europea/](https://www.dirittodelrisparmio.it/ladefuamento-della-normativa-nazionale-sulle-cripto-attivita-agli-obblighi-antiriciclaggio-dellunione-europea/)
8. **The Cryptonomist - MiCA in Italia: guida per gli operatori di criptovalute:** [https://it.cryptonomist.ch/2024/12/15/mica-italia-guida-operatori-criptovalute/](https://it.cryptonomist.ch/2024/12/15/mica-italia-guida-operatori-criptovalute/)
9. **Diritto Bancario - MICAR: indicazioni di Banca d'Italia per l'applicazione del Regolamento:** [https://www.dirittobancario.it/art/10309/micar-indicazioni-di-banca-d-italia-per-l-applicazione-del-regolamento](https://www.dirittobancario.it/art/10309/micar-indicazioni-di-banca-d-italia-per-l-applicazione-del-regolamento)
10. **Blockpit - Guida fiscale 2025: tasse sulle criptovalute in Italia:** [https://blockpit.io/it/blog/tasse-sulle-criptovalute-in-italia-guida-fiscale](https://blockpit.io/it/blog/tasse-sulle-criptovalute-in-italia-guida-fiscale)
11. **Accountable - La tassazione delle criptovalute in Italia: tutto quello che c'è da sapere:** [https://www.accountable.de/blog/tassazione-criptovalute-italia/](https://www.accountable.de/blog/tassazione-criptovalute-italia/)
12. **FatturaPRO.click - Tassazione delle plusvalenze da cripto-attività per persone fisiche nel 2025:** [https://fatturapro.click/blog/tassazione-plusvalenze-cripto-attivita-persone-fisiche/](https://fatturapro.click/blog/tassazione-plusvalenze-cripto-attivita-persone-fisiche/)
13. **Giuffrè Francis Lefebvre - Criptovalute e antiriciclaggio: il d.lgs. 125/2019, in attesa della nuova direttiva:** [https://www.giuffre.it/penale/approfondimenti/criptovalute-e-antiriciclaggio-il-d-lgs-125-2019-in-attesa-della-nuova-direttiva](https://www.giuffre.it/penale/approfondimenti/criptovalute-e-antiriciclaggio-il-d-lgs-125-2019-in-attesa-della-nuova-direttiva)
14. **Diritto.it - Presidi antiriciclaggio per le cripto-attività: nuove misure CdM:** [https://www.diritto.it/presidi-antiriciclaggio-per-le-cripto-attivita-nuove-misure-cdm/](https://www.diritto.it/presidi-antiriciclaggio-per-le-cripto-attivita-nuove-misure-cdm/)
15. **FISCOeTASSE.com - Criptovalute: registro degli operatori al via il 16 maggio:** [https://www.fiscoetasse.com/fisco/29986-criptovalute-registro-degli-operatori-al-via-il-16-maggio.html](https://www.fiscoetasse.com/fisco/29986-criptovalute-registro-degli-operatori-al-via-il-16-maggio.html)
16. **La Voce degli Indipendenti - Criptovalute: il mercato in Italia verso la regolamentazione:** [https://www.lavocedeglindipendenti.it/finanza/criptovalute-il-mercato-in-italia-verso-la-regolamentazione/](https://www.lavocedeglindipendenti.it/finanza/criptovalute-il-mercato-in-italia-verso-la-regolamentazione/)
17. **Tasse Trading - Criptovalute: Dichiarazione Redditi Crypto - Tasse Trading:** [https://www.tassetrading.it/criptovalute-tasse](https://www.tassetrading.it/criptovalute-tasse)
18. **Rivista Trimestrale di Diritto Penale dell'Economia - Le valute virtuali alla luce della V Direttiva Antiriciclaggio:** [https://www.rivistatrimestraledirittopenaleeconomia.it/fascicoli/2019/3-4/le-valute-virtuali-alla-luce-della-v-direttiva-antiriciclaggio-di-vito-pacillo/](https://www.rivistatrimestraledirittopenaleeconomia.it/fascicoli/2019/3-4/le-valute-virtuali-alla-luce-della-v-direttiva-antiriciclaggio-di-vito-pacillo/)
19. **Andersen in Italia - Regolamento MiCA in vigore dal 14 settembre 2024:** [https://www.andersen.com/it/insights/regolamento-mica-in-vigore-dal-14-settembre-2024/](https://www.andersen.com/it/insights/regolamento-mica-in-vigore-dal-14-settembre-2024/)
20. **CMS Law - Operatori in criptovalute: con l'istituzione del registro speciale dell'OAM scattano i requisiti regolamentari per operare in Italia:** [https://cms.law/it/ita/news-information/news/operatori-in-criptovalute-con-l-istituzione-del-registro-speciale-dell-oam-scattano-i-requisiti-regolamentari-per-operare-in-italia](https://cms.law/it/ita/news-information/news/operatori-in-criptovalute-con-l-istituzione-del-registro-speciale-dell-oam-scattano-i-requisiti-regolamentari-per-operare-in-italia)
21. **Consulenza Evoluta - Obbligo di registrazione per gli operatori in criptovalute con ricadute sugli investitori:** [https://www.consulenzaevoluta.it/news/obbligo-di-registrazione-per-gli-operatori-in-criptovalute-con-ricadute-sugli-investitori/](https://www.consulenzaevoluta.it/news/obbligo-di-registrazione-per-gli-operatori-in-criptovalute-con-ricadute-sugli-investitori/)
22. **Diritto Bancario - Il Regolamento MiCA nel nuovo Quaderno Banca d'Italia:** [https://www.dirittobancario.it/art/10681/il-regolamento-mica-nel-nuovo-quaderno-banca-d-italia](https://www.dirittobancario.it/art/10681/il-regolamento-mica-nel-nuovo-quaderno-banca-d-italia)
23. **ADVANT Nctm - Allarme cripto:** [https://www.advant-nctm.com/insights/articles/2025/04/02/allarme-cripto/](https://www.advant-nctm.com/insights/articles/2025/04/02/allarme-cripto/)
24. **Edotto - Protocollo d'Intesa Banca d'Italia-Consob per la vigilanza sulle cripto-attività:** [https://www.edotto.com/articolo/protocollo-dintesa-banca-ditalia-consob-per-la-vigilanza-sulle-cripto-attivita_309620](https://www.edotto.com/articolo/protocollo-dintesa-banca-ditalia-consob-per-la-vigilanza-sulle-cripto-attivita_309620)
25. **GruppoPiù - Tassazione Criptovalute 2025-2026: aliquota al 33% e nuove regole fiscali:** [https://www.gruppopiu.org/tassazione-criptovalute-2025-2026/](https://www.gruppopiu.org/tassazione-criptovalute-2025-2026/)
26. **Agenda Digitale - MiCA, punto di svolta per le criptovalute in Ue: le opportunità per l'Italia:** [https://www.agendadigitale.eu/mercati-digitali/mica-punto-di-svolta-per-le-criptovalute-in-ue-le-opportunita-per-litalia/](https://www.agendadigitale.eu/mercati-digitali/mica-punto-di-svolta-per-le-criptovalute-in-ue-le-opportunita-per-litalia/)
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- regolamentazione criptovalute trading al dettaglio Italia 2024 2025
- CONSOB regolamentazione criptovalute Italia
- Banca d'Italia regolamentazione criptovalute
- normativa antiriciclaggio criptovalute Italia
- tassazione criptovalute persone fisiche Italia
- decreto italiano registro operatori criptovalute
- MiCA implementazione Italia