New rules for crypto-assets
The Italian government's provisions for a safer and more protected system
The new year has begun with the full application of the European Markets in Crypto-Assets Regulation (MiCAR). Legislative Decree 129/2024, approved last September, contains provisions for aligning the national regulatory framework to MiCAR: this is a fundamental step towards introducing a common set of rules for all Member States. The innovations bring some changes in terms of protection for those who buy and sell crypto-assets, and strengthen the soundness of a market that is already of interest to many Italians. In March 2024, 1.3 million Italians owned crypto-assets, with a total market value exceeding €2.7 billion, according to the Italian organization for financial agents and credit brokers (Organismo degli Agenti Mobiliari, OAM) which, among other things, monitors the crypto-asset market in Italy.
What you need to know
MiCAR and the implementing legislative decree distinguish the different types of crypto-assets based on their characteristics and the possible risks they pose to buyers and the financial system.
The European regulation and the implementing legislative decree distinguish the different types of crypto-assets based on their characteristics and the possible risks they pose to buyers and the financial system. They are:
- E-money tokens (EMTs) that purport to maintain a stable value by referencing the value of one official currency;
- Asset-referenced tokens (ARTs) that purport to maintain a stable value by referencing another value or right or a combination of them, including one or more official currencies;
- Crypto-assets other than asset-referenced tokens or e-money tokens.
The regulation introduces specific requirements and constraints for operators, which vary depending on the type of crypto-asset:
- EMTs and ARTs must meet specific requirements and their issuers, distributors and market operators must fulfil specific obligations;
- Crypto-assets other than ARTs or EMTs are only subject to prior notification requirements, which means they are not directly regulated.
The regulation entrusts Banca d'Italia and Consob with supervisory tasks, according to their remits. The table below provides an overview.
Distribution of the main responsibilities between Banca d'Italia and Consob under MiCAR

Selling EMTs and ARTs on the market and providing crypto-assets services without complying with the MiCAR provisions on market access is punishable by criminal law; violations of other MiCAR provisions may result in administrative sanctions. In addition, administrative sanctions are provided to punish abuse, unlawful disclosure of inside information, and market manipulation, e.g. artificially influencing the prices of crypto-assets by spreading fake news, simulating transactions or engaging in deceptive practices to create a misleading market perception. Another EU regulation makes it easier to trace crypto-asset transfers. Crypto-asset service providers and other banking and financial intermediaries that provide services for crypto-assets in general or issue ARTs and EMTs are subject to anti-money laundering legislation and must report any suspicious transaction to Banca d’Italia’s Financial Intelligence Unit (FIU) to prevent and combat money laundering and the financing of terrorism.
Investor protection
MiCAR does not protect against all risks, especially those caused by fluctuations in the value of crypto-assets; however, it provides for an investor protection system with different measures depending on the type of crypto-asset. Firstly, entities that sell crypto-assets to the public are required to draw up a white paper, i.e. a document that clearly and transparently describes the risks and main characteristics of each crypto-asset. White papers must include a summary of key information written in clear and accessible language. The summary serves as an introduction to the white paper. The decision to buy crypto assets should be based on the entire white paper, not just the summary.
Secondly, the capital requirements for EMT and ART issuers and the rules on the use of funds received reduce the risk of issuers being unable to fulfil their obligations, such as reimbursing issued tokens. ART and EMT holders and customers of crypto-asset service providers can file complaints with issuers and service providers.
Finally, if something goes wrong, for instance in the event of unfair conduct by the intermediaries, clients can file a complaint with Banca d’Italia or Consob or appeal to the Banking and Financial Ombudsman or the Financial Disputes Ombudsman.
You can find out more on Banca d'Italia's website.