Fintech & digital payments rules in Italy (2026)

Consob set 30 December 2025 as the cut-off by which virtual asset service providers (formerly OAM-registered) must hold full crypto-asset service provider (CASP) authorization under MiCA or cease Italian operations. It marks the transition from Italy's interim AML-based crypto regime to the EU's full licensing framework.

With the EU MiCA Regulation fully applicable, Consob and Banca d'Italia issued public notices clarifying the authorization process for crypto-asset service providers and the transitional regime for existing operators. This made crypto-asset licensing operational in Italy.

The two authorities published a joint synthesis note allocating supervisory roles under MiCA: Banca d'Italia over e-money tokens and (jointly) asset-referenced tokens, Consob over crypto-asset markets and service providers. It set the operating ground rules ahead of full MiCA application.

Italy enacted D.Lgs. 129/2024 designating Consob and Banca d'Italia as the competent authorities for crypto-assets under EU Regulation 2023/1114, with investigative, supervisory and sanctioning powers (fines up to €15m). It created the national licensing/supervision architecture for crypto-asset issuers and service providers.

Italy implemented the EU DLT Pilot Regime (Reg. 2022/858), enabling issuance and circulation of financial instruments via distributed ledger technology and authorizing Banca d'Italia and Consob to license DLT market infrastructures and registrars. It extended fintech licensing into tokenized securities.

A Ministry of Economy and Finance decree required virtual currency exchange and wallet providers to enroll in a special section of the OAM register (operational from 16 May 2022) to operate in Italy, for AML monitoring purposes. It was Italy's first dedicated registration regime for crypto service providers.

Banca d'Italia opened Milano Hub to support digital transformation of finance, with its first call for fintech projects running September–October 2021. It became a key 'innovation facilitator' for firms developing new payment and financial technologies.

Decree 100/2021 set up the FinTech Committee and the regulatory sandbox run jointly by Banca d'Italia, Consob and IVASS, letting supervised intermediaries and fintechs test innovative products under a simplified, time-limited regime (first window opened 15 November 2021). It gave Italy a structured testbed for novel payment and fintech models.

Italy transposed EU Directive 2015/2366 (PSD2) by amending the Banking Consolidation Act (TUB), introducing strong customer authentication, open-banking access (AISPs/PISPs) and updating payment-institution licensing under Banca d'Italia supervision. It reshaped how payment services are authorized and accessed in Italy.

Implementing EU Directive 2007/64, the decree introduced the new licensed category of 'payment institutions' (istituti di pagamento) alongside banks and e-money institutions, inserting Title V-ter into the TUB under Banca d'Italia authorization and supervision. It established the modern non-bank payment-services licensing regime.

Law 39/2002 implemented Directives 2000/46/EC and 2000/28/EC, amending the TUB to establish electronic money institutions (istituti di moneta elettronica, IMEL) authorized and supervised by Banca d'Italia. It laid the foundation for Italy's licensed e-money/digital-payments framework.