The Guidelines specify the "content of the redemption plan to be developed by issuers of ARTs and EMTs in going concern, including the liquidation strategies of the reserve of assets, the mapping of critical activities, the content of the redemption claims, the main steps of the redemption process, and the elements that may lead to the trigger of the plan by the competent authority."

It outlines the following:

• The Bank of Italy is the competent authority for prudential supervision of electronic money token (EMT) and asset-referenced token (ART) issuers and cryptoasset service providers (CASPs). With respect to CASPs, the Bank of Italy is also the supervisory authority in respect of anti-money laundering/counter-terrorism financing (AML/CTF).
• The Italian financial market authority, CONSOB (Commissione Nazionale per le Società e la Borsa), is  the competent authority for overseeing cryptoassets other than EMTs and ARTs and for transparency, fair conduct, orderly trading and protection of customers in relation to ARTs and cryptoasset services. It also has supervisory powers in relation to the prevention and prohibition of market abuse involving cryptoassets.
• A transitional regime from the current domestic virtual asset service provider

VASPs currently operating in Italy and enrolled in the Organismo per la gestione degli Elenchi degli Agenti in attività finanziaria e dei Mediatori creditizi (OAM) register should take into account the transitional regime provided by the MiCAR Italian Decree and take the necessary steps to apply for a CASP licence (either in Italy or in another EU member state) by 30 June 2025.

See our article for more on this development.

From 30 December 2024, the European MiCA Regulation will require market participants wishing to offer crypto-asset services in the European Union to obtain prior authorisation.

The following 10 services are covered by this obligation:

• providing custody and administration of cryptoassets on behalf of clients;
• operating a cryptoasset trading platform for cryptoassets;
• exchanging cryptoassets for funds;
• exchanging cryptoassets for other cryptoassets;
• executing cryptoasset orders on behalf of clients;
• placing of cryptoassets;
• receiving and transmitting orders for cryptoassets on behalf of clients;
• providing advice on cryptoassets;
• providing portfolio management on cryptoassets;
• providing transfer services for cryptoassets on behalf of clients.

In the opinion, ESMA provides clarification - addressed primarily to national competent authorities (NCAs) - on the risk of regulatory and supervisory arbitrage arising from multifunction cryptoasset intermediaries that structure their business in a way that enables them to only seek authorisation under MiCA for brokerage services but where they would leave a large part of their group activities (in particular the operation of a trading platform for cryptoassets) outside the scope of MiCA.

ESMA requires NCAs to make case-by-case assessments and outlines specific requirements that should be met.