Distribution of responsibilities between Banca d'Italia and Consob in the implementation of MiCAR

The responsibilities of Banca d'Italia and Consob with regard to crypto-assets are outlined in the decree implementing Regulation (EU) 2023/1114 on Markets in Crypto-Assets (MiCAR). The decree implementing Regulation (EU) 2023/1113 on information accompanying transfers of funds and certain crypto-assets, also known as the Transfer of Funds Regulation recast or 'TFR recast', lays out further responsibilities for Banca d'Italia.

Today Banca d'Italia and Consob published a note summarizing, for information purposes, the two authorities' respective responsibilities in enforcing the new rules.

The document references the powers of Banca d'Italia, which comprise: i) prudential supervision and crisis management, with reference to issuers of asset-referenced tokens (ARTs), issuers of e-money tokens (EMTs) and crypto-asset service providers (CASPs); ii) supervising the transparency and fair conduct of EMT issuers and ensuring the protection of EMT holders; iii) supervision of CASPs and of banks and other financial intermediaries acting as issuers of ARTs and EMTs, for the purposes of anti-money laundering and countering the financing of terrorism; and iv) product intervention on EMTs and - where required to preserve the stability of the whole or part of the financial system - on ARTs and crypto-assets other than EMTs and ARTs. The note also references the exclusive powers of Banca d'Italia in the oversight of the payment system, pursuant to Article 146 of the Italian Consolidated Law on Banking (TUB).

Similarly, the document summarizes the powers attributed to Consob, which comprise: i) supervising the transparency and fair conduct of ART issuers and CASPs, as well as ensuring orderly trading and customer/investor protection; ii) supervising compliance with MiCAR requirements governing the operation of trading platforms for crypto-assets, regardless of the operator and including the way the platforms are set up and any outsourcing of operations; iii) supervision in the area of public offering and admission to trading for crypto-assets other than EMTs and ARTs; iv) product intervention on ARTs and crypto-assets other than EMTs and ARTs, where required to protect investors and to ensure orderly trading and the integrity of crypto-asset markets; v) preventing and combating market abuse involving crypto-assets; and vi) countering the provision of crypto-asset services without a licence and the offering of crypto-assets other than EMTs and ARTs without a white paper being notified.