Regulator: Consob (Commissione Nazionale per le Società e la Borsa); Bank of Italy
Italy implemented MiCAR through Legislative Decree no. 129 of September 5, 2024 (MiCAR Decree), bringing EMTs and ARTs under Italian oversight from June 2024 and establishing a CASP licensing regime via Consob and Bank of Italy. The regulators now enforce reserve requirements, segregated custody, and severe penalties (6 months–4 years imprisonment + fines) for unlicensed issuance or trading. Despite this, actual stablecoin issuance remains limited, with only a few (like Circle's USDC) securing licenses; banks and intermediaries remain cautious.
