Global Stablecoin Regulation

Italy

Last Updated: May 20, 2026

Plasma

Last Updated: May 20, 2026

Italy applies the EU MiCA framework to stablecoins. Euro-pegged e-money tokens (EMTs) and asset-referenced tokens (ARTs) may be issued or offered to retail customers when authorised under MiCA and relevant national laws. Italy has designated the Bank of Italy (prudential and EMI oversight) and CONSOB (conduct and CASP oversight) as competent authorities. MiCA's stablecoin rules have applied since 30 June 2024 and CASP rules since 30 December 2024, with Italy providing a national transition (application deadline extended to 30 December 2025 and transitional activity possible until 30 June 2026 for eligible firms).

Regulation (EU) 2023/1114 — Markets in Crypto-Assets (MiCA) — Official Journal text

CONSOB — MiCAR: Markets in Crypto-Assets (overview & resources)

+ 3

Legal Status

Legal with restrictions

Regularity Clarity

5/5

Regime Status

In-Force

Allowed Types

Fiat Referenced

Asset Referenced

Classification

Crypto Asset

E-Money

Under MiCAR, stablecoins are classified as crypto-assets, specifically as e-money tokens (EMTs) or asset-referenced tokens (ARTs), and are not considered legal tender.

Regulation (EU) 2023/1114 — Markets in Crypto-Assets (MiCA) — Official Journal text

Regulation (EU) 2023/1114 — Markets in Crypto-Assets (MiCA) — Official Journal (EN, PDF)

+ 1

Regulatory Authorities

Bank of Italy

Primary supervisor for stablecoin issuers, focusing on financial stability, systemic risk, and cross-border issuance concerns, especially regarding multi-issuance models.

CONSOB

Oversees securities-related aspects of crypto-assets, ensuring investor protection and compliance with MiCAR disclosure rules.

Top Issuers

SGForge (EURCV, USDCV)

Monerium (EURe)

Circle (USDC, EURC)

AllUnity (EURAU)

Paxos (USDG, USDP, PYUSD)

Consumer Protection

Reserve Requirements

EMTs must be fully backed with high-quality, liquid assets. ARTs have stringent reserve and risk-management rules per MiCA and EBA RTS (composition, liquidity, custody, concentration).

Auditing

Regular reserve attestations and audited financials. 'Significant' tokens face enhanced reporting and stress-testing.

Redemption Rights

Par-value redemption rights for EMT holders. Issuers must disclose detailed redemption processes. Authorities have early-intervention tools.

Recent Developments

Remittance Race

Find the cheapest and fastest way to send money abroad, comparing traditional methods alongside stablecoin options like Plasma.