Italy
Retail_Trading_Status
- Analysis ID
- #696
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- 2025-12-12 04:40
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Executive Summary
Cryptocurrency trading is legal and fully regulated in Italy under the EU's Markets in Crypto-Assets (MiCA) framework, implemented domestically via Legislative Decree No. 129/2024. As of December 2025, the country is in a critical transition phase where the previous registration regime with the 'Organismo Agenti e Mediatori' (OAM) is being replaced by full MiCA authorization (CASP status) supervised by Consob and the Bank of Italy. Retail investors are subject to a specific tax regime, with capital gains taxed at 26% (scheduled to rise to 33% in 2026) and the previous €2,000 exemption threshold abolished for the 2025 tax year.
Key Pillars
Consob (Commissione Nazionale per le Società e la Borsa) - Primary regulator for market conduct, transparency, and consumer protection
Bank of Italy (Banca d'Italia) - Competent authority for prudential supervision, AML/CFT compliance, and stablecoin issuers
OAM (Organismo Agenti e Mediatori) - Managed the VASP registry (phasing out by end of 2025 in favor of MiCA authorization)
Legislative Decree No. 129/2024 - The national act harmonizing Italian law with EU MiCA regulations
Strict AML/KYC requirements for all crypto-asset service providers (CASPs)
Landmark Laws
Legislative Decree No. 129 of 5 September 2024 (D.Lgs. 129/2024) - Enacted: 2024-09-13
- The definitive act implementing the EU MiCA Regulation in Italy. It designates Consob and the Bank of Italy as National Competent Authorities (NCAs), outlines their supervisory powers, and establishes the transition path from the OAM VASP registry to full CASP authorization.
- Source
Budget Law 2023 (Law No. 197/2022) (Legge 29 dicembre 2022, n. 197) - Enacted: 2022-12-29
- Defined crypto-assets for tax purposes and introduced a 26% capital gains tax on profits exceeding €2,000 (threshold abolished for 2025). It also allowed for a 'substitute tax' on the value of assets held.
- Source
Decree of the Ministry of Economy and Finance of 13 January 2022 (MEF Decree 13/01/2022) - Enacted: 2022-01-13
- Established the operational rules for the OAM registry, requiring VASPs to report client data and transaction flows quarterly. This regime serves as the 'grandfathering' basis for the MiCA transition.
- Source
Considerations
Tax Rate Increase: The capital gains tax rate is currently 26% for the 2025 tax year but is legislated to increase to 33% starting January 1, 2026.
Transition Deadline: Entities operating under the old OAM registry must submit their MiCA authorization application by December 30, 2025, to continue operating during the review period.
Exemption Removal: The previous tax exemption for gains under €2,000 was removed for the 2025 fiscal year; all gains are now taxable.
Dual Supervision: Unlike the single-point OAM registry, supervision is now split: Consob handles conduct/white papers, while Bank of Italy handles stability/AML.
Notes
The analysis date of Dec 12, 2025, places Italy in a high-pressure compliance window. The 'Allowed-Regulated' status is solidified by MiCA, but the operational reality for exchanges is a race against the Dec 30, 2025 deadline. The tax environment is becoming more hostile with the rate hike scheduled for Jan 2026.
Remaining Uncertainties
- The exact procedural handling of VASPs that file at the very last minute (late Dec 2025) and whether operational disruptions will occur during the review backlog in early 2026.
- Clarification on the 'substitute tax' (imposta sostitutiva) rate for 2026—whether it will remain an option alongside the increased 33% capital gains rate.
Detailed Explanation
Detailed Explanation
Cryptocurrency trading is legal and fully regulated in Italy. The regulatory landscape is currently defined by the European Union's Markets in Crypto-Assets (MiCA) framework, which has been implemented into national law via Legislative Decree No. 129 of 5 September 2024. This decree, enacted on September 13, 2024, designates Consob (Commissione Nazionale per le Società e la Borsa) and the Bank of Italy (Banca d'Italia) as the National Competent Authorities, establishing a dual supervisory model. As of December 2025, Italy is in a critical transition phase where the previous registration regime with the Organismo Agenti e Mediatori (OAM) is being phased out in favor of full MiCA authorization for Crypto-Asset Service Providers (CASPs). Entities previously registered with the OAM must submit their application for CASP authorization by December 30, 2025, to continue operating legally during the review process. The supervision is split, with Consob primarily responsible for market conduct, transparency, and consumer protection, including the approval of white papers, while the Bank of Italy focuses on prudential supervision, anti-money laundering (AML) compliance, and overseeing stablecoin issuers. All CASPs are subject to strict AML and know-your-customer (KYC) requirements. For retail investors, the tax regime for crypto-assets was established by the Budget Law 2023 (Law No. 197/2022). For the 2025 tax year, capital gains are taxed at a flat rate of 26%, and the previous exemption threshold for gains under €2,000 has been abolished, meaning all gains are now taxable. Furthermore, a significant tax increase is legislated to take effect on January 1, 2026, raising the capital gains tax rate to 33%. The operational rules for the now-phasing OAM registry were originally set by the Decree of the Ministry of Economy and Finance of 13 January 2022, which required virtual asset service providers to report client data and transaction flows quarterly. The 'Allowed-Regulated' status of cryptocurrency in Italy is therefore solidified by the MiCA framework, but the immediate operational reality is characterized by a high-pressure compliance window for existing service providers and a progressively stricter tax environment for investors.
Summary Points
I. Regulatory Status
* Legal and fully regulated under the EU MiCA framework.
* National implementation via Legislative Decree No. 129/2024.
* Currently in a transition phase from a national registry to full EU authorization.
II. Key Regulatory Bodies
* Consob (Commissione Nazionale per le Società e la Borsa): Primary regulator for market conduct, transparency, consumer protection, and white paper approval.
* Bank of Italy (Banca d'Italia): Competent authority for prudential supervision, AML/CFT compliance, and oversight of stablecoin issuers.
* OAM (Organismo Agenti e Mediatori): Previously managed the VASP registry; this function is phasing out by the end of 2025 in favor of the new MiCA regime.
III. Important Legislation
* Legislative Decree No. 129 of 5 September 2024: The definitive act implementing MiCA in Italy. It designates Consob and the Bank of Italy as National Competent Authorities and establishes the transition path from the OAM registry. Enacted September 13, 2024.
* Budget Law 2023 (Law No. 197/2022): Defines crypto-assets for tax purposes and introduced the capital gains tax regime. Enacted December 29, 2022.
* Decree of the Ministry of Economy and Finance of 13 January 2022: Established the operational rules for the OAM VASP registry, which serves as the basis for the MiCA transition. Enacted January 13, 2022.
IV. Compliance Requirements
* All Crypto-Asset Service Providers (CASPs) must obtain MiCA authorization (CASP status) from Consob and the Bank of Italy.
* Strict AML/KYC requirements are mandatory for all service providers.
* Entities operating under the old OAM registry must submit their MiCA authorization application by December 30, 2025 to continue operating during the review period.
V. Notable Restrictions or Limitations
* Retail investors are subject to a capital gains tax, currently 26% for the 2025 tax year.
* The previous €2,000 exemption threshold for capital gains has been abolished for the 2025 tax year; all gains are now taxable.
VI. Recent Developments or Notes
* Tax Rate Increase: The capital gains tax rate is legislated to increase from 26% to 33% starting January 1, 2026.
* Transition Deadline: The period leading up to December 30, 2025, is a high-pressure compliance window for existing VASPs to apply for MiCA authorization.
* Dual Supervision: The new model splits supervision between Consob (market conduct) and the Bank of Italy (prudential/AML), unlike the previous single-point OAM registry.
Full Analysis Report
Full Analysis Report
As of December 12, 2025, Italy's regulatory landscape for cryptocurrency is characterized by the robust implementation of the European Union's Markets in Crypto-Assets (MiCA) Regulation. The country has moved beyond its initial 'light-touch' registration regime managed by the Organismo Agenti e Mediatori (OAM) to a comprehensive supervisory framework involving the Bank of Italy and Consob. Legislative Decree No. 129/2024, enacted in September 2024, serves as the cornerstone of this new era, formally designating the National Competent Authorities and granting them significant enforcement powers, including the ability to halt operations of non-compliant entities.
Currently, the market is in a critical 'grandfathering' window. Virtual Asset Service Providers (VASPs) that were already registered with the OAM by December 2024 are permitted to continue operations, provided they are in the process of applying for full MiCA authorization. The absolute deadline for submitting this application is December 30, 2025. Firms that miss this deadline must cease operations and return client assets. This has created a rush of compliance activity as established exchanges seek to convert their local OAM registration into a passportable EU CASP license.
Taxation of crypto assets remains a focal point for Italian retail investors. The fiscal framework, originally solidified in the 2023 Budget Law, treats crypto gains as 'miscellaneous income.' For the 2025 tax year, the rate stands at 26%, and notably, the previously available €2,000 exemption threshold has been eliminated, meaning all realized gains are subject to tax. Furthermore, the 2025 Budget Law has set the stage for a tax hike, increasing the capital gains rate to 33% effective January 1, 2026, reflecting the government's tightening fiscal approach to digital assets.
From an operational standpoint, the dual supervision model is now fully active. The Bank of Italy oversees prudential requirements and anti-money laundering (AML) compliance, ensuring that issuers of Asset-Referenced Tokens (ARTs) and Electronic Money Tokens (EMTs) maintain adequate reserves. Consob, meanwhile, monitors market conduct, ensuring that white papers are accurate and that trading platforms operate transparently. This bifurcation aims to provide institutional-grade protection to retail investors, a significant upgrade from the mere census-taking function of the previous OAM registry.
As of December 12, 2025, Italy's regulatory landscape for cryptocurrency is characterized by the robust implementation of the European Union's Markets in Crypto-Assets (MiCA) Regulation. The country has moved beyond its initial 'light-touch' registration regime managed by the Organismo Agenti e Mediatori (OAM) to a comprehensive supervisory framework involving the Bank of Italy and Consob. Legislative Decree No. 129/2024, enacted in September 2024, serves as the cornerstone of this new era, formally designating the National Competent Authorities and granting them significant enforcement powers, including the ability to halt operations of non-compliant entities. Currently, the market is in a critical 'grandfathering' window. Virtual Asset Service Providers (VASPs) that were already registered with the OAM by December 2024 are permitted to continue operations, provided they are in the process of applying for full MiCA authorization. The absolute deadline for submitting this application is December 30, 2025. Firms that miss this deadline must cease operations and return client assets. This has created a rush of compliance activity as established exchanges seek to convert their local OAM registration into a passportable EU CASP license. Taxation of crypto assets remains a focal point for Italian retail investors. The fiscal framework, originally solidified in the 2023 Budget Law, treats crypto gains as 'miscellaneous income.' For the 2025 tax year, the rate stands at 26%, and notably, the previously available €2,000 exemption threshold has been eliminated, meaning all realized gains are subject to tax. Furthermore, the 2025 Budget Law has set the stage for a tax hike, increasing the capital gains rate to 33% effective January 1, 2026, reflecting the government's tightening fiscal approach to digital assets. From an operational standpoint, the dual supervision model is now fully active. The Bank of Italy oversees prudential requirements and anti-money laundering (AML) compliance, ensuring that issuers of Asset-Referenced Tokens (ARTs) and Electronic Money Tokens (EMTs) maintain adequate reserves. Consob, meanwhile, monitors market conduct, ensuring that white papers are accurate and that trading platforms operate transparently. This bifurcation aims to provide institutional-grade protection to retail investors, a significant upgrade from the mere census-taking function of the previous OAM registry.
Source Evidence
Primary and secondary sources cited in this analysis
"Designation of the Bank of Italy and Consob as competent authorities pursuant to Article 93 of Regulation (EU) 2023/1114."
"VASPs registered in the OAM register... may continue to operate... provided they submit an authorization application by 30 December 2025."
"The Bank of Italy and Consob have adopted a joint Communication on the accounting of crypto-assets... and on the audits by the auditors."
"VASPs have until 30 December 2025 to submit a CASP authorization request to continue operating under the transitional regime."
"A VASP that files a CASP application in Italy or another EU state by December 30, 2025, can continue to serve Italian clients."
"From January 2026, tax on gains will go up to 33%. The €2,000 tax exemption has been abolished."
Web Sources (7)
Sources discovered via web search grounding
Search queries used (5)
- Italy crypto tax 26% 2025 status
- Bank of Italy crypto assets communication 2025
- Italy legislative decree MiCA implementation Consob Bank of Italy
- Italy crypto regulation OAM registration MiCA transition 2024 2025
- OAM registro operatori valute virtuali 2025 status
https://coinpaper.com/12894/italy-puts-crypto-on-the-clock-with-hard-mi-ca-deadlines
https://www.coinspeaker.com/italy-sets-hard-mica-clock-for-crypto-firms-stay-or-exit/
https://crypto.news/italy-sets-2025-mica-deadline-for-crypto-provider-consob/
https://www.gtlaw.com/en/insights/2024/9/new-italian-rules-for-virtual-asset-service-providers
https://cryptodnes.bg/en/italian-regulator-presses-crypto-firms-to-comply-before-2025-deadline/
https://www.kraken.com/learn/italy-crypto-tax-guide
https://www.blockpit.io/tax-guides/crypto-tax-guide-italy