financial licensing
Financial Services Licensing in Italy for CASP, E-Money and Payment Institutions
The authorisation your business model needs, the Italian company that applies and the file it lodges, prepared in order; CONSOB or the Banca d'Italia decides.
- CONSOB authorises a CASP; the Banca d'Italia an IMEL or IP (Art. 16 D.Lgs. 129/2024; TUB)
- Applicant: an Italian S.p.A., S.a.p.a., S.r.l. or cooperative
- Statutory terms from a complete file: 40 working days (CASP), 90 days (IMEL, IP) (Art. 63 MiCAR; Banca d'Italia)
Prepared in Milan; decided by CONSOB or the Banca d'Italia.
A regulated business entering the EU through Italy
For founders, CFOs and in-house counsel of crypto-asset, e-money and payments businesses, the decision comes before the file: which authorisation, which entity applies, what capital. From Milan we prepare the route, the Italian applicant company and the file, and you apply. How the company itself is formed is on the company formation page.
The Italian transition for OAM-registered providers ended on 30 June 2026 (Art. 45 D.Lgs. 129/2024). Crypto-asset services now need a CASP authorisation in at least one EU country, or an Art. 60 notification by an entity already supervised (Art. 59(1) MiCAR). Issuing e-money stays reserved to banks and e-money institutions, as the Banca d'Italia states.
CASP, IMEL and payment institution side by side
The activity decides the authorisation. These are each route's conditions in law; the choice is made with you.
| Item | CASP (crypto-asset service provider) | IMEL (e-money institution) | IP (payment institution) | Art. 106 lender (adjacent regime, not covered) |
|---|---|---|---|---|
| Activity covered | Crypto-asset services, up to ten listed services | Issuing e-money, plus payment services 1 to 8 | Payment services without issuing e-money | Lending to the public |
| Deciding authority | CONSOB, having heard the Banca d'Italia | Banca d'Italia | Banca d'Italia | Banca d'Italia |
| Statute | Arts. 59, 62 and 63 MiCAR; Art. 16 D.Lgs. 129/2024 | Art. 114-quinquies TUB | Art. 114-novies TUB, text in force from 9 January 2026 | Art. 106 TUB |
| Applicant form and seat | S.p.A., S.a.p.a., S.r.l. or cooperative; registered office in a Member State, effective management in the Union, at least one director resident in the Union | The same four forms; registered office and head office in Italy | As the IMEL | The same four forms; registered office and head office in Italy |
| Minimum capital | EUR 50,000, EUR 125,000 or EUR 150,000 by class, or a quarter of fixed overheads if higher | EUR 350,000 paid up | EUR 20,000, EUR 50,000 or EUR 125,000 by service | At least EUR 2 million, EUR 3 million with guarantees |
| Core of the file | The Art. 62(2) items, starting with the LEI; criminal-record and penalty evidence for the management body | Technical report with three-year forecasts in a base and a stress scenario, deed and statute, organisational report, shareholders, group map, board minutes on officers | As the IMEL | The file of Circolare 288/2015 |
| Statutory term | Completeness within 25 working days; a decision within 40 working days from a complete file; a suspension of at most 20 working days | 90 days from a complete application; suspensions of at most 180 days | As the IMEL | 180 days |
| 2026 state charge | CONSOB EUR 20,000 per application filed in 2026, on filing; providers authorised or notified at 30 June 2026 owed EUR 10,000 per authorised service for 2026, due by 15 July 2026 | No application fee on the Banca d'Italia pages we read | No application fee on the Banca d'Italia pages we read | Not covered here |
| EU passport | By notification: forwarded within 10 working days, start at the latest on the 15th calendar day | Art. 28 PSD2 as applied by Art. 111: agent or branch, a decision within 3 months | Art. 28 PSD2: agent or branch, a decision within 3 months | Not covered here |
Sources: Art. 16 D.Lgs. 129/2024 on Normattiva; Regulation (EU) 2023/1114 (MiCAR); TUB Arts. 106, 114-quinquies and 114-novies; CONSOB delibera 23799 of 17 December 2025; the Banca d'Italia market-access pages.
What's included
What we prepare, and what stays with you and the authority.
Route map
Your business model set against the CASP, IMEL, payment institution, notification and passport routes, lending ruled out (Art. 106 TUB). Conditions only; the decision is made with you.
Structure of the applicant
A dedicated Italian subsidiary, a company with a ring-fenced fund (patrimonio destinato), or an existing IMEL or payment institution adding crypto-asset services.
Capital plan
The licence floor by class or service and, for a CASP, the overheads test of Art. 67 MiCAR, kept apart from the company-law minimum.
The Italian applicant company
Seat and head office in Italy, a regulated corporate object (oggetto sociale), the deed received by the notary. For the joint-stock vehicle, see forming an Italian S.p.A.
The people file
Directors and qualifying holders (partecipanti qualificati, 10% or more, per the Banca d'Italia): identity, criminal-record and penalty evidence, repute, experience, source of funds; legalisation or apostille and translation coordinated where the authority asks for it.
The application file and the assessment
Programme of operations (programma di attività) with three-year forecasts, organisation, AML/CFT, ICT, safeguarding, complaints, on CONSOB's form or the Banca d'Italia's list; replies to requests prepared.
After the authorisation
Register entries, the IMEL dispute scheme and start notice, the CONSOB contribution, passport notifications. The books then run with the company's finance team or an accounting firm in Italy.
What stays with you and the authority
You apply and sign through your legal representative; CONSOB or the Banca d'Italia decides; the notary receives the deed. The regulated activity is yours once authorised, and no outcome is promised.
Which entity holds the authorisation
Where the licence sits in a group, as with a branch or a subsidiary in Italy, follows conditions in law; the choice is made with you.
| Structure | Who decides or receives | Condition in law | Basis |
|---|---|---|---|
| A dedicated Italian subsidiary applies | CONSOB (CASP) or the Banca d'Italia (IMEL, IP) | One of the four forms; registered office and head office in Italy for an IMEL or IP; a director resident in the Union for a CASP | Art. 16(7) D.Lgs. 129/2024; Arts. 114-quinquies(1) and 114-novies(1) TUB; Art. 59(2) MiCAR |
| A company with other businesses issues e-money | Banca d'Italia | A single ring-fenced fund and named responsible persons; a separate e-money company may be required where the other business endangers soundness or supervision | Art. 114-quinquies(4)-(5) TUB |
| An existing IMEL or IP adds crypto-asset services | Banca d'Italia, having heard CONSOB | A ring-fenced fund set up; for an IMEL, services not equivalent to those it may notify | Art. 16(5)-(6) D.Lgs. 129/2024 |
| An already supervised entity notifies | CONSOB (central securities depositories, SIMs other than class 1) or the Banca d'Italia (banks, class 1 SIMs, IMELs, SGRs) | A notification, not an application; an investment firm notifies at least 40 working days before it first provides the services | Art. 60 MiCAR; Art. 16(2)-(4) D.Lgs. 129/2024 |
| An EU-authorised IP or IMEL enters Italy | Its home authority notifies the Banca d'Italia | No Banca d'Italia authorisation for services without an establishment, through a branch or through agents | Banca d'Italia guidance |
| A payment institution from outside the EU | Banca d'Italia | An Italian subsidiary; no branch | Banca d'Italia guidance |
| An e-money institution from outside the EU | Banca d'Italia | A subsidiary, or a branch authorised by the Banca d'Italia with an endowment fund of at least EUR 350,000 | Banca d'Italia guidance |
Sources: Art. 16 D.Lgs. 129/2024 on Normattiva; MiCAR Arts. 59 and 60; TUB Art. 114-quinquies; Banca d'Italia guidance for payment and e-money institutions.
Where the licence sits in the group
A dedicated Italian subsidiary
a foreign parent above it
- Foreign parentgroupowns the Italian company
- Italian subsidiaryappliesS.p.A., S.a.p.a., S.r.l. or cooperative, seat and head office in Italy, holds the authorisation (Art. 16(7) D.Lgs. 129/2024; Arts. 114-quinquies and 114-novies TUB)
One institution, a ring-fenced fund
an Italian IMEL or IP
- IMEL or IPItalyan existing Italian e-money or payment institution
- Patrimonio destinatoring-fenced fundcarries the crypto-asset services
- DecisionBanca d'Italiahaving heard CONSOB (Art. 16(5)-(6) D.Lgs. 129/2024)
The passport
from the Italian institution to other Member States
- CASPArt. 65 MiCARservices in other Member States
- IP or IMELArt. 28 PSD2an agent or a branch in another Member State
Into Italy an EU-authorised IP or IMEL enters by its home authority's notification, with no Banca d'Italia authorisation
No panel is marked as the right one: the fit is decided with the client.
How the application works
Who acts at each step, and the term the law sets, where it sets one.
law statutory terms, not a promisescale each route on its own: working days and days are different units
Your activity decides the authorisation
the business-model test
- Crypto-asset servicesCASPCONSOB, having heard the Banca d'Italia
- Issuing e-moneyIMELthe Banca d'Italia; or a bank
- Payment services without e-moneyIPthe Banca d'Italia
- Lending to the publicArt. 106 TUBa separate regime, not covered here
CASP
working days, Art. 63 MiCAR
IMEL and IP
days, Banca d'Italia
No total bar and no end date: each term runs on its own.
Map the route and the structure
Your activity against each route; which entity applies; whether a group authorisation already reaches Italy.
You, with us; no term in law
Size the capital
To the licence floor and, for a CASP, the overheads test of Art. 67 MiCAR, not the Civil Code minimum of the company.
You, with us; no term in law
Gather the people's papers
Identity, a codice fiscale (tax code) where required, criminal-record and penalty evidence for each director and qualifying holder (Art. 62(3) MiCAR for a CASP), source of funds; legalised or apostilled and translated where the authority asks for it.
Each person and the issuing authorities; no term in any source
Form the applicant company
A notarial deed, seat and head office in Italy, a regulated object; capital paid in at a bank, whose head office attests the payment. The notary files within 10 days (Art. 2330 c.c.); the Register enters within 10 days of protocol, 5 if electronic (Art. 11(8) D.P.R. 581/1995).
Write the file
A PEC (certified email) address, an LEI for a CASP, the officers' minutes; programme of operations, forecasts, organisation, AML/CFT, ICT, safeguarding, complaints, on CONSOB's CASP form or the Banca d'Italia's list.
We, with your management
Pay and file
A CASP application filed in 2026 pays CONSOB EUR 20,000 on filing (delibera 23799); the Banca d'Italia pages we read show no fee. An IMEL or IP files by PEC.
Your legal representative
Assessment
CASP: acknowledgement within 5 working days, completeness within 25, a decision within 40 working days of a complete file, suspension at most 20 (Art. 63 MiCAR). IMEL and IP: 90 days from a complete application, suspensions at most 180 days, 10 days to answer a notice of refusal grounds (preavviso di diniego) (Banca d'Italia).
CONSOB; the Banca d'Italia
Authorisation, registers, passport
A CASP enters the ESMA register; an IMEL joins a dispute-resolution scheme and notifies its start within 12 months. Passport: forwarded within 10 working days for a CASP (Art. 65 MiCAR); a decision within 3 months for an IP or IMEL agent or branch (Art. 28 PSD2).
The company and the authorities
Not sure which authorisation your business model needs?
Your activity decides the authority and the file. A short call maps the route and the applicant before anything is formed.
Capital: the licence floor, not the company-law minimum
A company formed at the Civil Code minimum may sit below its licence floor, so the two figures are kept apart.
| Route or class | What it covers | Minimum | Basis |
|---|---|---|---|
| CASP class 1 | Execution of orders, placing, transfer services, reception and transmission of orders, advice, portfolio management | EUR 50,000 | Annex IV MiCAR |
| CASP class 2 | Class 1 plus custody and administration, exchange for funds, exchange for other crypto-assets | EUR 125,000 | Annex IV MiCAR |
| CASP class 3 | Class 2 plus operating a trading platform | EUR 150,000 | Annex IV MiCAR |
| CASP prudential test | The higher of the Annex IV amount and a quarter of the preceding year's fixed overheads; projected overheads in the first year; own funds, insurance or a comparable guarantee | Reviewed annually | Art. 67(1), (2) and (4) MiCAR |
| IMEL | E-money issuance and payment services | EUR 350,000 paid up | Banca d'Italia IMEL page |
| IP, money remittance only | Money remittance | EUR 20,000 | Banca d'Italia IP page |
| IP, payment initiation | Payment initiation, with professional indemnity insurance or a comparable guarantee | EUR 50,000 | Banca d'Italia IP page |
| IP, payment services 1 to 5 | One or more of services 1 to 5 | EUR 125,000 | Banca d'Italia IP page; Art. 7 PSD2 |
| Company capital of the applicant | The Civil Code minimum, not a licence floor | S.r.l. EUR 10,000; S.p.A. EUR 50,000 | Arts. 2463 and 2327 c.c. |
| Art. 106 lender (adjacent, not covered) | Lending to the public | At least EUR 2 million, EUR 3 million with guarantees | Banca d'Italia Art. 106 page |
Sources: MiCAR on EUR-Lex, Art. 67 and Annex IV; Banca d'Italia, e-money institutions; Banca d'Italia, payment institutions; Civil Code Arts. 2327 and 2463.
Problems we solve
Where licensing files stall, and how we handle each point.
Capital sized to the wrong rule
An S.r.l. formed at EUR 10,000 (Art. 2463 c.c.) sits far below the EUR 350,000 an IMEL needs (Banca d'Italia). We size the capital to the licence and trace its source before filing.
Foreign papers for every person
Criminal-record and penalty evidence for every director and qualifying holder (Art. 62(3) MiCAR for a CASP), legalised or apostilled and translated where the authority asks for it. We build the list per person and per issuing authority.
A clock that stops
The terms run only from a complete file; a request for information can suspend them (at most 180 days at the Banca d'Italia, 20 working days for a CASP), and a notice of refusal grounds leaves 10 days for observations (Banca d'Italia). We build the file against the authority's list.
OAM-era vocabulary
OAM registration stopped conferring the right to operate on 30 June 2026 (Art. 45 D.Lgs. 129/2024). We state your route as what the law now offers: an authorisation or a notification.
The director's residence
A CASP needs at least one director resident in the Union (Art. 59(2) MiCAR); an IMEL or IP keeps its head office in Italy. We plan the board against those rules; for a founder who moves, see the founder visa for Italy.
Will your file be complete when the clock starts?
The statutory terms run only from a complete file. A scoping call sets your file against the authority's own list first.
Why work with us
Silvia Brivio
Regulatory and Founder Mobility Lead, Milan. Italian, English, Portuguese.
Worked example, built from the law on this page; not a client case. A non-EU group wants to issue e-money and exchange crypto-assets for funds from Italy: an IMEL (EUR 350,000, Banca d'Italia) adding crypto-asset services through a ring-fenced fund (Art. 16(5) D.Lgs. 129/2024), or a separate class 2 CASP (EUR 125,000, Annex IV MiCAR). We map both; the client chooses.
We are not a law firm, a notary, a bank or an authority.
Last checked: D.Lgs. 129/2024, delibera 23799 and the Banca d'Italia terms, 8 October 2026; MiCAR and the IMEL and IP pages, 6 September 2026.
From our practice
we map the route before any company is formed, size and trace the capital before filing, and check each file against the authority's own list.
Frequently asked questions
Can you obtain the authorisation for us, or guarantee it?
No. You apply through your legal representative. CONSOB, having heard the Banca d'Italia, decides a CASP application (Art. 16 D.Lgs. 129/2024), and the Banca d'Italia decides an IMEL or payment institution application. We prepare the route, the Italian applicant company and the file, and coordinate the notary who receives the deed. No outcome or date is promised.
How long does the authority take?
The law sets the terms; they are not a total. A CASP file is checked for completeness within 25 working days and decided within 40 working days of a complete file, suspension at most 20 (Art. 63 MiCAR). An IMEL or payment institution is decided within 90 days of a complete file, suspensions at most 180 days (Banca d'Italia).
How much is a crypto license?
On a CASP application filed in 2026, CONSOB charges EUR 20,000 on filing (delibera 23799). Providers authorised or notified at 30 June 2026 owe EUR 10,000 per service for 2026, due by 15 July 2026; a trading platform pays EUR 47,130 to EUR 262,550 by number of crypto-assets. Capital floors are in the capital table. Our fee is on request.
Does a foreign group need an Italian company?
For an Italian authorisation, yes: a specialised CASP, an IMEL and a payment institution take the form of an S.p.A., S.a.p.a., S.r.l. or cooperative (Art. 16 D.Lgs. 129/2024; TUB). An EU-authorised institution enters by passport instead. A non-EU payment institution must form an Italian subsidiary, and a non-EU IMEL a subsidiary or an authorised branch (Banca d'Italia).
Must a director live in Italy?
For a CASP, at least one director must be resident in the Union, with the place of effective management in the Union (Art. 59(2) MiCAR): Union residence, not Italian. An IMEL or payment institution has its head office in Italy (Art. 114-quinquies TUB). Whether a board made only of non-residents is accepted is not settled by the sources we read.
What capital is required?
A CASP needs EUR 50,000, EUR 125,000 or EUR 150,000 by class, or a quarter of the preceding year's fixed overheads if higher (Art. 67 and Annex IV MiCAR). An IMEL needs EUR 350,000 paid up; a payment institution EUR 20,000, EUR 50,000 or EUR 125,000 by service (Banca d'Italia). These are licence floors, not the Civil Code minimum.
Can an OAM-registered VASP still operate in Italy?
No. Providers on the OAM special section that applied by 30 December 2025 could continue until 30 June 2026 or an earlier decision; those that had not applied ceased on 30 December 2025 (Art. 45 D.Lgs. 129/2024). A provider without an authorisation in at least one EU country must now cease, limited to winding down existing client relationships.
Can one Italian company hold both a payment or e-money licence and crypto-asset services?
Yes, by a route the law provides. The Banca d'Italia, having heard CONSOB, may authorise an IMEL or payment institution to provide crypto-asset services if a ring-fenced fund (patrimonio destinato) has been set up (Art. 16(5)-(6) D.Lgs. 129/2024). Whether that route or a separate CASP fits your business is decided with you, on the conditions of each.
What is a crypto license?
It is the authorisation of a crypto-asset service provider (CASP) under Art. 63 MiCAR. Only an authorised CASP, or a supervised entity using the Art. 60 notification, may provide crypto-asset services in the Union (Art. 59(1) MiCAR). In Italy CONSOB, having heard the Banca d'Italia, authorises a specialised CASP for up to ten listed services.
What is a MiCA license in Europe?
The same CASP authorisation under Regulation (EU) 2023/1114, granted in Italy by CONSOB. Once authorised, the provider is entered in the ESMA register and may offer services in other Member States by notification: the home authority forwards it within 10 working days, and services may start at the latest on the 15th calendar day (Art. 65 MiCAR).
What is an emoney institution?
An undertaking, other than a bank, that issues electronic money, authorised in Italy by the Banca d'Italia. Issuing e-money is reserved to banks and e-money institutions (Banca d'Italia, e-money institutions). An IMEL may also provide payment services 1 to 8, so a payment institution is the narrower licence, without e-money issuance.
What assets are covered by MiCA?
This page answers at the level of services. A CASP authorisation can list ten services, from custody and operating a trading platform to advice, portfolio management and transfer services (CONSOB). A specialised CASP may also issue asset-referenced tokens if authorised under Art. 21 MiCAR (Art. 16 D.Lgs. 129/2024); the token regimes are outside this page.
Does the authorisation work in other EU countries?
Yes, by notification. For a CASP the home authority forwards the notification within 10 working days, and services may start at the latest on the 15th calendar day (Art. 65 MiCAR). For a payment institution or IMEL using an agent or branch in another state, the home authority communicates its decision within 3 months (Art. 28 PSD2).
Which licence does a business need in Italy, and is it a "business license"?
It follows from the activity: crypto-asset services need a CASP authorisation, issuing e-money an IMEL or a bank, payment services alone a payment institution, lending to the public an Art. 106 TUB authorisation. An ordinary activity subject to SCIA may start through the SUAP on the day the notice is filed (Art. 19 L. 241/1990), not a financial authorisation.
What continues once the business is authorised?
The capital stays a floor: a CASP holds its prudential safeguards at all times (Art. 67(1) MiCAR), and a payment institution's capital may at no time fall below its minimum (Art. 7 PSD2). An IMEL keeps client funds as a distinct patrimony and joins a dispute-resolution scheme. Providing crypto-asset services without authorisation is a crime (Art. 30(1)(b) D.Lgs. 129/2024).
Ready to map your licensing route?
Tell us the activity and the group behind it; we come back with the route, the applicant and the order of steps.