How to Get a Crypto License in Italy: Step-by-Step for 2026

Italy offers a clear regulatory path for crypto businesses under the EU's Markets in Crypto-Assets (MiCA) framework, fully in force from 2025. As of 2026, obtaining a crypto license in Italy requires registration with the Organismo Agenti e Mediatori (OAM) and compliance with MiCA's capital and operational rules. This guide provides a step-by-step approach for founders seeking to establish a compliant crypto exchange, wallet provider, or other Virtual Asset Service Provider (VASP) in Italy.

Whether you are a startup or an established company, understanding the Italian regime is crucial. Consulting24, with over 500 licenses delivered directly in Estonia, Lithuania, and Panama, advises and coordinates applications in Italy. Our team helps you navigate the process, from company setup to regulatory submission. For a flat fee of EUR 6,000, you can also consider Panama as an alternative jurisdiction with a simpler framework.

What Is the Italian Crypto License?

The Italian crypto license, officially the registration as a Virtual Asset Service Provider (VASP) with the OAM, is required for entities offering services such as exchange, custody, and transfer of crypto assets. Under MiCA, which is fully applicable in Italy from 2025, the regime aligns with EU-wide standards. The license is not a single permit but a registration that confirms compliance with anti-money laundering (AML) and operational requirements.

Italy's approach is dual: VASPs must register with OAM and, for certain services, also obtain authorisation from the Bank of Italy or CONSOB. This guide focuses on the OAM registration, which is the first step for most crypto businesses. Consulting24 coordinates the entire process, ensuring your application meets all legal and regulatory standards. The registration is valid across the EU under the MiCA passport, allowing you to serve clients in other member states without additional licensing.

For example, a crypto exchange registered in Italy can offer its services to users in Germany, France, and Spain by simply notifying the local regulators. This passporting right is a major advantage for founders targeting the European market. However, the initial registration process requires careful preparation of documentation, including a detailed business plan, AML policies, and proof of capital. Consulting24 has assisted numerous clients in preparing these materials, reducing the risk of rejection.

Who Needs a Crypto License in Italy?

Any legal entity providing crypto asset services in Italy, or targeting Italian residents, must register with OAM. This includes:

• Crypto exchanges (fiat-to-crypto and crypto-to-crypto)
• Wallet providers (custodial and non-custodial, if offering custody)
• Brokers and dealers in crypto assets
• Payment service providers using crypto
• Platforms for initial coin offerings (ICOs) or security token offerings (STOs)

If you are a foreign company offering services to Italian clients, you must establish a branch or subsidiary in Italy or rely on a local representative. Consulting24 advises on the best corporate structure, whether a limited liability company (S.r.l.) or a branch, and helps with company setup. The choice of structure affects tax liability, capital requirements, and reporting obligations. For instance, a branch is easier to set up but may expose the parent company to Italian corporate tax on global profits. An S.r.l. provides limited liability and is the preferred option for most crypto startups.

Even if your company is based outside the EU, if you actively market to Italian users or have Italian clients, you fall under OAM jurisdiction. Consulting24 can help you assess whether your activities trigger registration requirements. In some cases, using a local distributor or white-label partner may reduce the regulatory burden, but direct registration remains the safest route.

License Type and Regulator

The primary regulator for crypto registration in Italy is the Organismo Agenti e Mediatori (OAM). However, the Bank of Italy and CONSOB also oversee specific activities, especially those involving financial instruments. The license type is a VASP registration under the Italian transposition of MiCA. There is no separate 'crypto license' per se; instead, it is a mandatory registration for all VASPs.

For services that qualify as investment services (e.g., crypto derivatives), a separate MiFID license from CONSOB may be required. Consulting24 helps you determine which authorisations apply to your business model. For most standard exchange and wallet services, OAM registration suffices. The OAM maintains a public register of all registered VASPs, which enhances transparency and trust among clients and partners.

It is important to note that OAM registration does not cover all crypto activities. For example, if you plan to offer staking as a service, you need to confirm whether it falls under custody or a separate activity. Consulting24's regulatory experts review your business model and map it to the appropriate license categories, avoiding gaps in compliance. The regulator also expects ongoing reporting, including annual AML audits and transaction volume reports.

Cost and Timeline

Exact pricing depends on the complexity of your business model and the completeness of your documentation. Consulting24 provides a fixed-fee quote after an initial assessment. For comparison, Panama offers a flat EUR 6,000 company setup with no ongoing compliance fees, making it an attractive alternative for founders seeking speed and simplicity. The timeline in Italy can extend if the OAM requests additional information or if your AML policies need revision. Consulting24's experience helps streamline the process, but applicants should budget for potential delays.

Ongoing costs include annual AML audit fees (EUR 3,000-8,000), compliance officer salary, and regulatory filing fees. These recurring expenses can add up to EUR 10,000-20,000 per year. In contrast, Panama has no annual compliance fees beyond the initial setup. For startups with limited budgets, Panama may be a more cost-effective entry point, with the option to expand to Italy later.

Capital Requirement

Under MiCA, capital requirements for VASPs in Italy are tiered by service class:

• EUR 50,000 for simple custody and transfer services
• EUR 125,000 for exchange services (fiat-to-crypto or crypto-to-crypto)
• EUR 150,000 for more complex services including trading platforms and proprietary trading

These minimum capital thresholds must be maintained throughout the license period. The capital must be fully paid up and held in a bank account or liquid assets. Consulting24 verifies that your capital structure meets the requirements before submission. The capital can be in the form of cash, bank guarantees, or certain liquid securities, but cryptocurrencies are not accepted. It is advisable to deposit the capital in a dedicated bank account and obtain a certificate from the bank confirming the balance.

For example, if you plan to operate a fiat-to-crypto exchange, you need EUR 125,000 in capital. This amount must be maintained even if your trading volumes are low. Failure to maintain the minimum capital can result in suspension of your registration. Consulting24 assists clients in structuring their capital efficiently, such as using a combination of share capital and reserves. For founders who cannot commit such high capital, Panama requires no minimum capital, making it a more accessible option.

Tax Treatment

Italy imposes a 26% capital gains tax on crypto profits for individuals, but corporate entities are subject to standard corporate income tax (IRES) at 24%, plus regional tax (IRAP) of around 3.9%. VAT is not applicable on crypto-to-crypto transactions, but fiat-to-crypto trades may be subject to VAT. The tax treatment is evolving, and specific rulings may apply for token issuances.

Consulting24 recommends engaging a local tax advisor to structure your operations efficiently. For founders seeking a more tax-neutral environment, Panama offers zero capital gains tax and no tax on foreign-source income, with a flat EUR 6,000 setup cost. In Italy, you must also register for VAT if your annual turnover exceeds EUR 85,000, and file monthly or quarterly returns. Tax audits are common in the crypto sector, so maintaining accurate records is essential.

Additionally, Italy has a wealth tax on crypto assets held by individuals (IVAFE) of 0.2% per year, but this does not apply to corporate entities. Corporate tax planning can involve using holding companies or intellectual property licensing, but such structures must have substance. Consulting24 can introduce you to tax advisors who specialise in crypto taxation in Italy.

Allowed Activities

Under the Italian VASP registration, the following activities are permitted:

• Exchange of crypto assets for fiat currency
• Exchange of crypto assets for other crypto assets
• Custody and administration of crypto assets on behalf of clients
• Transfer services of crypto assets
• Participation in and provision of financial services involving crypto assets (e.g., staking, lending)

Activities not covered include operating a crypto derivatives exchange (requires MiFID) or issuing securities tokens (requires prospectus). Consulting24 helps you define your service scope to ensure it falls within the OAM registration. For instance, if you offer margin trading, you may need a MiFID license. The OAM provides a non-exhaustive list of activities, but the regulator expects you to describe your services in detail in the application.

If your business model includes innovative features like decentralised finance (DeFi) integration or non-fungible tokens (NFTs), you should seek pre-application guidance. Consulting24 can facilitate a meeting with OAM officials to clarify the regulatory perimeter. In some cases, a combination of licenses may be required. For example, a platform that allows users to trade crypto and also offers custodial wallets needs both exchange and custody authorisation under the same registration.

Step-by-Step Application Process

1. Company setup: Incorporate an Italian S.r.l. or branch with the Companies Register. Minimum share capital of EUR 10,000 (or higher if required by MiCA tiers).
2. AML compliance program: Draft policies for customer due diligence, transaction monitoring, and suspicious activity reporting. Appoint a compliance officer.
3. IT security and data protection: Implement systems compliant with GDPR and OAM cybersecurity standards. Prepare a business continuity plan.
4. Capital deposit: Deposit the required minimum capital in a bank account and obtain a certificate from the bank.
5. Submit application to OAM: File the registration form with supporting documents, including company statutes, AML policies, and capital proof. Pay the registration fee.
6. Review and approval: OAM reviews the application within 90-180 days. They may request additional information or an interview.
7. Post-registration compliance: Submit periodic reports to OAM, update policies, and undergo annual audits. Register with the Bank of Italy if offering certain services.

Consulting24 manages each step, from company setup to submission. For a faster route, consider Panama where the process can be completed in 2-4 weeks with a flat fee. The application process in Italy requires meticulous attention to detail. For example, the AML policy must include risk assessment methodology, customer due diligence procedures (including enhanced due diligence for politically exposed persons), and a transaction monitoring system. Consulting24 provides templates and guidance to ensure your policies meet OAM expectations.

After submission, OAM may request clarifications or additional documents within 30 days. Failure to respond promptly can delay the process. Consulting24 monitors the timeline and communicates with the regulator on your behalf. Once approved, you must notify OAM of any changes in your business model, ownership, or compliance officer within 15 days.

Banking and Payment Services

Opening a bank account for a crypto business in Italy is challenging but possible. Major banks like UniCredit and Intesa Sanpaolo may accept crypto clients if the company is fully licensed. Alternative options include payment institutions (e.g., Satispay) or specialised crypto-friendly banks in Lithuania or Estonia. Consulting24 assists with banking introductions and can also facilitate company setup in Lithuania, where banking is more accessible.

For payment processing, integrating with SEPA and SWIFT is standard. Some providers require a minimum transaction volume. Consulting24's network includes payment partners that support crypto businesses. For example, you can use a payment institution like Railsbank or Modulr to issue IBAN accounts for your clients. However, these providers often require a minimum monthly volume of EUR 50,000 or more. For smaller startups, Panama offers easier access to banking through multi-currency accounts with no minimum balance.

It is advisable to open a bank account before submitting your OAM application, as proof of a bank account is required. Consulting24 can recommend banks that are familiar with crypto regulations. In some cases, you may need to provide a business plan and AML policies to the bank before they open an account. Be prepared for a thorough due diligence process that can take 2-4 weeks.

Benefits of an Italian Crypto License

Italy offers several advantages:

• EU passport: Under MiCA, an Italian VASP registration allows you to provide services across the EU without additional licenses.
• Regulatory clarity: OAM provides clear guidelines and a structured application process.
• Market access: Italy has a large and growing crypto user base, with increasing institutional interest.
• Stable legal system: Italy's legal framework is well-established, offering investor protection.

However, the process is slower and more expensive than in jurisdictions like Panama, where the flat EUR 6,000 setup cost and minimal ongoing compliance make it ideal for startups. The Italian license also enhances credibility with partners and customers, as it signals compliance with EU standards. For example, a licensed Italian VASP can easily partner with banks and payment processors across Europe. The passporting right is particularly valuable for founders who plan to scale quickly.

Additionally, Italy has a growing ecosystem of crypto events, incubators, and talent. Milan and Rome are hubs for blockchain innovation. Consulting24 can connect you with local legal and marketing professionals to help you establish a presence.

Compliance and Trust Considerations

Compliance is critical for maintaining your Italian crypto license. Key requirements include:

• Ongoing AML training for staff
• Annual independent audit of AML controls
• Transaction monitoring and reporting to the Financial Intelligence Unit (FIU)
• Data protection under GDPR

Failure to comply can result in fines, suspension, or revocation of the registration. Consulting24 provides compliance monitoring tools and advisory services to ensure you meet all obligations. This is general guidance, not legal advice. For specific compliance questions, consult a qualified Italian attorney. For instance, the FIU requires suspicious transaction reports within 30 days of detection. Your transaction monitoring system must be capable of flagging unusual patterns, such as rapid in-and-out movements or transactions from high-risk jurisdictions.

Annual AML audits must be conducted by an independent auditor approved by OAM. The audit report covers the effectiveness of your AML controls and must be submitted within 90 days of the financial year end. Consulting24 can recommend auditors with crypto expertise. Data protection under GDPR requires you to appoint a Data Protection Officer (DPO) if you process large volumes of personal data. Failure to comply with GDPR can result in fines of up to 4% of global turnover.

Common Mistakes to Avoid

• Incomplete AML documentation: OAM requires detailed policies; generic templates are often rejected.
• Underestimating capital: Ensure you have the correct tier of capital before applying.
• Ignoring tax obligations: Corporate tax and VAT must be registered from day one.
• Choosing the wrong corporate structure: A branch may not be suitable for all business models.
• Not planning for banking: Start the bank account process early, as it can take months.

Consulting24's experience with 500+ licenses helps you avoid these pitfalls. For a simpler alternative, our Panama package avoids many of these complexities. Another common mistake is failing to appoint a local compliance officer. The compliance officer must be based in Italy and have relevant experience. If you are a foreign founder, you may need to hire a local professional. Additionally, some applicants underestimate the time required for document translation. All documents must be in Italian or accompanied by a certified translation. Consulting24 can arrange translation services.

Finally, do not assume that a license in another EU country will be automatically recognised in Italy. While MiCA allows passporting, you must still notify OAM and comply with local AML requirements. Consulting24 can assist with the notification process.

Alternatives and Comparison

Italy is one of several EU jurisdictions offering crypto licensing under MiCA. Here we compare it with two popular alternatives:

Consulting24 delivers directly in Lithuania and Panama, and advises on Italy. For founders seeking speed and low cost, Panama is the most efficient option. For EU market access, Lithuania offers a faster and cheaper alternative to Italy, with a lower corporate tax rate. However, Italy provides a larger domestic market and deeper institutional connections. Consulting24 can help you evaluate which jurisdiction aligns with your business goals. For example, if your target market is primarily Italian, the local license may be more beneficial despite the higher cost. If you plan to serve the entire EU, Lithuania's lower costs and faster timeline may be preferable.

Other alternatives include Estonia, which has a streamlined e-residency program, and Malta, which has a well-established crypto framework. Consulting24 covers all these jurisdictions and can provide a tailored comparison. For founders who value simplicity and speed, Panama remains the most straightforward option with no capital requirements and zero tax on foreign income.

Official sources

• Organismo Agenti e Mediatori (OAM)
• Bank of Italy
• CONSOB

Related jurisdictions

Mardo Soo · CEO, Consulting24Personally advises on jurisdiction selection. 500+ crypto licenses across Estonia, Lithuania & Panama. LinkedIn →

General guidance, not legal advice. Rules and fees evolve — we confirm current requirements for your case.