ITA CB MiCA Fact-Finding Survey


On Nov. 8, ITA CB announced survey on activities in MiCA scope.


  • ITA CB announced fact-finding survey on activities in MiCA scope performed in Italy.
  • Overview
  • ITA CB and Consob, in collaboration with Organization of Financial Agents and Credit Mediators (ITA OAM), intend to conduct fact-finding survey to understand potential level of interest in carrying out activities in Italy falling within scope of MiCA.
  • Also to support preparation activity for the application of the mentioned regulation.
  • This investigation is aimed at banks, electronic money institutions, payment institutions, financial intermediaries ex. art 106 TUB, SIMs, managers of UCITS and AIFs, central securities depositories and managers of regulated markets.
  • Those registered in Service Providers Register for use of virtual currency, digital wallet services held by OAM that currently carry out services, activities regulated by MiCA.
  • Other not referred to that intend to carry out services or activities regulated by MiCA.
  • Other Aspects
  • Investigation conducted using methods agreed upon by mentioned authorities, body.
  • Banks, electronic money institutions, payment institutions, financial intermediaries will receive specific communication, questionnaire, instructions and answer via INFOSTAT.
  • Central securities depositories and managers of regulated markets, however, will transmit responses according to different methods which will be communicated.
  • Regarding Service Providers relating to the use of virtual currency and digital wallet services, collection of responses will be carried out by the OAM.
  • Re the remainder, ITA CB refers to ITA Consob coms (see relevant points in release).
  • Context
  • Recalled MiCA was published in Jun. 2023 and will be applicable from Dec. 30, 2024.
  • That, except for provisions of Titles III and IV relating to Asset Linked Tokens (ART) and Electronic Money Tokens (EMT), which will be applicable from Jun. 30, 2024.
  • Effectiveness
  • Responses must be returned by Nov. 24, 2023; no further details provided in release.
  • Jun. 2024 ESMA Investigation
  • On Jun. 21, 2024, ITA Consob announced ESMA launched fact-finding investigation.
  • It is aimed at obtaining information relating to financial entities interested in carrying out services for crypto-assets using (national) notification procedure of art 60 MiCA.
  • To update information acquired in national investigation of Nov. 2023, ITA Consob, ITA CB invite supervised entities headquartered in Italy, and entitled to make use of the said procedure, to complete ESMA questionnaire (available online) by Jul. 26, 2024.
  • ESMA will receive responses directly, analyze aggregate results and present them to the competent authorities of the individual EU Member States.
  • Any question re content of ESMA questionnaire can be sent to email address provided.
  • Document dated Jun. 21, received from ITA Consob Jun. 24, summarized on Jun. 27.

Regulators ITA CB; ITA Consob; ITA OAM
Entity Types B/D; Bank; Depo; Exch; HF; Inv Co; MSB
Reference Surv, PR, 6/20/2024; Surv, PR, 11/8/2023; MiCA Reg 2023/1114
Functions Compliance; Financial; Legal; Operations; Reporting; Technology; Treasury
Countries Italy
Category
State
Products Banking; Cryptocurrency; Fund Mgt; Issuance/IPO; Payments; Securities
Regions EMEA
Rule Type Final
Rule Date 11/8/2023
Effective Date 7/26/2024
Rule Id 190907
Linked to N/A
Reg. Last Update 6/21/2024
Report Section EU

Last substantive update on 06/27/2024