Crypto-assets: new intermediaries make their debut
The transition period is over: farewell to the VASPs; from today, only nine CASPs are operational
Key points
Farewell to the Vasp, hello to the Casp. The world of service providers for crypto-assets turn the page: from today, 1 July, only entities listed in the Register maintained by ESMA may operate on the market; this authorisation is valid throughout the EU under the so-called ‘European passport’ regime.
Eligible CASPs
In Italia, Consob, in close coordination with the Bank of Italy, has authorised only eight CASPs (crypto-asset service providers). These are CheckSig srl; Conio srl; CryptoSmart spa; Hercle srl; Hodlie srl; Olliv srl; Riv Digital srl; and Young Platform spa. In addition, Banca Sella spa has notified the Bank of Italy of its intention to provide services relating to crypto-assets.
Unauthorised operators
Operators who have not obtained authorisation as a CASP in at least one EU country must cease trading, and may only carry out activities necessary to wind up existing client relationships, allowing the transfer and/or liquidation of their positions in accordance with the rules of conduct, anti-money laundering obligations and the fight against the financing of terrorism.
ESMA has asked these operators to draw up orderly exit plans, ensuring that clients’ assets are transferred to authorised operators or self-custodial wallets (so-called self-hosted wallets), without causing financial loss to the clients themselves. Investors in crypto assets are required to verify that the service provider is authorised and to ascertain which legal entity actually provides the service: the safeguards provided apply only where the service provider is authorised within the EU and not where the services are provided by other entities within the group (including those outside the EU) operating under the same brand without MiFID authorisation.
