CASP – Crypto-Asset Service Providers

With the entry into force of the MiCAR Regulation (EU 2023/1114), all Crypto-Asset Service Providers (CASPs) must obtain authorization to legally operate in Italy, granted by the competent authority based on the type of token involved: the Bank of Italy for services related to electronic money tokens (EMT), Consob for tokens other than EMT, with a mandatory opinion from the Bank of Italy for activity-referenced tokens (ART), and Consob exclusively for all other crypto-assets (“other than”).

This obligation applies to:

– Crypto-asset service providers, i.e., any natural or legal person who professionally provides third parties, including online, with services related to the exchange, custody, issuance, offering, transfer, and intermediation of crypto-assets.
– Digital wallet service providers, i.e., anyone providing safeguarding services for private cryptographic keys on behalf of their clients to hold, store, and transfer crypto-assets.
In the absence of such authorization, CASP activity is considered illegal.

The Morabito Law Firm is available to assist its clients in all stages of the authorization process, offering support in the following areas:

1. Preliminary analysis of the operator’s activity to assess the need for authorization and compliance with MiCAR regulatory requirements.
2.  Assistance for foreign operators (EU/non-EU): support in setting up a branch in Italy or a new company required to obtain authorization.
3. Handling of administrative procedures necessary for authorization, including registration with the competent supervisory authorities (Bank of Italy and Consob).
4. Management of the authorization application and support in case of additional information requests from supervisory authorities.
5. Monitoring of regulatory guidelines and compliance requirements to ensure continuous adherence to MiCAR.
6. Tax and fiscal advisory services for crypto-asset sector operators.

Contact the Morabito Law Firm through the website form for any information or clarification.

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