Italy's financial regulator Consob and central bank Banca d'Italia have authorized four cryptocurrency firms to operate as Crypto-Asset Service Providers (CASP) under the Markets in Crypto-Assets Regulation, the EU's rulebook for digital-asset platforms and custodians.
The four approved firms—Conio, RIV-Digital, Olliv Italia, and CheckSig—may now provide CASP services within Italy. Expansion to other EU member states is possible under MiCAR's notification procedures, which allow authorized firms in one country to apply for a passport to operate across the bloc.
MiCAR, which became enforceable in December 2023 and took full effect this year, created the first EU-wide licensing framework for crypto service providers. Before authorization, firms either operated in legal gray zones or faced national bans. The regulation defines CASP roles narrowly: custody of crypto assets, operation of trading platforms, and execution of client orders.
These authorizations mark an early wave of European compliance. Dozens of platforms and custodians have filed applications across the bloc. The Italian approvals signal that at least two major national regulators have completed their review process and set baseline standards for what they expect from licensed operators.
Consob and Banca d'Italia's criteria remain opaque at the public level. Neither regulator has published detailed guidance on capital requirements, governance standards, or operational conditions specific to these four firms. Applicants elsewhere in Europe face similar information gaps, though some regulators have released framework documents outlining expectations for reserves, custody segregation, and conflict-of-interest controls.
The authorization covers Italy only for now. Any cross-border expansion requires the firms to notify their home regulator and the receiving country's authority, a lighter-touch process than initial licensing but still subject to veto or conditions. MiCAR allows member states to impose additional national rules on market conduct, but host-country regulators cannot block a licensed provider outright without grounds tied to public policy or financial stability.