Crypto-assets have assumed a prominent role in the digital economy, yet their growth has brought an ever greater need for regulation and oversight. Italy has aligned itself with the EU MiCA Regulation (Markets in Crypto-Assets) by introducing new provisions and a more rigorous sanctioning framework. Below are the most frequently asked questions on the key points of Legislative Decree 129/2024, which came into force on 14 September.
What does Legislative Decree 129/2024 establish regarding crypto-assets, and when did it enter into force?
With the entry into force of Legislative Decree 129/2024, Italy aligns its crypto-asset legislation with the EU MiCA Regulation. The decree came into force on 14 September and establishes the legal framework for all operators in the sector, introducing stricter rules to protect consumers and market integrity.
What do the transitional provisions stipulate for those already registered with the OAM?
The decree establishes transitional provisions until 30 June 2025 for those already registered with the OAM (Organismo Agenti e Mediatori — the Agents and Brokers Register). These operators may continue to conduct their activities provided they submit an authorisation request by the prescribed date, thereby complying with the new rules without interruption to their operations.
What criminal penalties have been introduced for the most serious infringements?
Legislative Decree 129/2024 introduces a rigorous sanctioning regime, including criminal penalties for serious infringements. One example is unlicensed financial activity, punishable by:
- Imprisonment from six months to four years.
- Fines ranging from €2,066 to €10,329
Are administrative sanctions also provided for?
Yes, the decree introduces administrative sanctions for a broad range of infringements, with potential increases where an unlawful advantage has been obtained. For infringements such as insider dealing and market manipulation, sanctions may reach up to five million euros.
Who is responsible for imposing the sanctions?
The Bank of Italy and Consob are competent to impose sanctions, each within their respective areas of responsibility. In the event of infringements, they may also issue a public statement identifying the natural or legal person involved and the nature of the breach.
How does the sanctioning procedure work, and what are the available avenues of appeal?
The sanctioning procedure follows the rules of the Consolidated Banking Act (TUB) and provides for:
- The right to bring an appeal before the Court of Appeal against sanctions
- The obligation for the Bank of Italy and Consob to notify the sanctions to the EBA (European Banking Authority) and ESMA (European Securities and Markets Authority)
Conclusions
Legislative Decree 129/2024 represents an important step towards ensuring greater transparency and security in the crypto-asset market. Those who operate or invest in this sector must bear the new provisions in mind, together with the associated sanctioning risks, particularly in light of the strengthened supervisory and intervention powers conferred upon the Bank of Italy and Consob. Contact me for more detailed information and professional support.