The post-MiCAR era

Crypto: crackdown on operators begins and the time for checks has come

Service providers require authorisation to operate. Risk of a lack of transparency: investors are urged to take action to protect themselves

by Marco Barlassina

28 July 2026

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3' min read

Translated by AI

Versione italiana

3' min read

Translated by AI

Versione italiana

On 1 July, the transitional period provided for in the European Regulation on Markets in Crypto-Assets (MiCAR) came to an end. Across the European Union, the provision of services relating to crypto-assets is now restricted exclusively to authorised entities such as CASPs (Crypto-Asset Service Providers), as well as intermediaries already subject to supervision who have notified their intention to provide such services.

In Italia, Consob, in coordination with the Bank of Italy, has to date authorised nine CASPs: Checksig, Conio, CryptoSmart, Hercle, Hodlie, Olliv Italia, Riv Digital and Young Platform, plus one banking intermediary, Banca Sella, which has submitted a notification to provide services relating to crypto-assets. These operators are registered in the Register of crypto-asset service providers maintained by ESMA (the European Securities and Markets Authority) and may offer their services in all EU countries under the so-called ‘European passport’ regime. This means that not only the nine authorised CASPs but also the nearly 300 operators that have received authorisation in other EU countries will be able to operate in Italia.

I SERVIZI PER I QUALI SONO ABILITATI I CASP

Secondo il regolamento Ue 2023/1114 (MiCAR)

LE AUTORIZZAZIONI IN EUROPA

Dati aggiornati al 24 luglio 2026

The crux of the matter

Operators who have not obtained authorisation as a CASP in at least one EU country must cease their activities, restricting themselves to carrying out activities necessary for the winding up of existing relationships with clients, facilitating the transfer or liquidation of their positions, whilst safeguarding clients’ interests and mitigating risks to the market.

ESMA has therefore drawn investors’ attention to the importance of checking that their service provider is indeed authorised, by consulting the Register of Crypto-asset Service Providers on the Authority’s website. Unauthorised operators have been asked to draw up orderly wind-down plans, ensuring the transfer of clients’ assets to authorised operators or self-custodial wallets, as well as to communicate ‘clearly, promptly and repeatedly with clients’ so that they are aware of the timelines for the disposal, transfer or closure of their positions.

Risks and countermeasures

Although the authorities’ requirements are clear, there is a risk that unwitting investors will continue to turn to operators without a licence who have not informed their clients of this change. As confirmed by Ferdinando Ametrano, CEO and founder of CheckSig, the first company to have obtained a licence from Consob: ‘We have seen inflows from Binance customers, as Binance is effectively ceasing operations in the European Union; however, we are not seeing any from other unauthorised operators, who appear to be continuing their activities. And we have no evidence of enforcement action against unlicensed operators.’

But what risks do investors face in practice when dealing with unauthorised intermediaries? Ametrano goes on to explain: ‘A combination of risks. The first is greater exposure to the risk of fraud. But even in the absence of fraudulent intent, operators without a MiCAR licence do not offer guarantees verified by a supervisory authority on crucial aspects: the segregation of client funds from the firm’s assets, cybersecurity standards, transparency of information and anti-money laundering safeguards — with a real risk, on this last point, that accounts may be frozen during investigations. Finally, in the event of disputes, it is not possible to turn to national supervisory authorities, such as Consob or the Bank of Italia, to protect one’s rights’.

Marco Tullio Giordano, a solicitor and partner at 42 Law Firm, adds another piece to the puzzle of possible risk scenarios: ‘If your provider is not authorised, you must act immediately: transfer your crypto-assets to an authorised CASP or to a self-custodial wallet. Failing to do so exposes you to a real risk: you will not benefit the protections offered by MiCAR, including those relating to client assets, and risk having your positions automatically liquidated on the expiry date set by the platform’. Right through to the less easily manageable consequences: “When the penalty mechanism is triggered, the website where the cryptocurrencies are held will become inaccessible, and this could lead to difficulties for users who have been slower to act.”