Italian Securities Commission and Bank of Italy sign cooperation protocol to coordinate MiCAR supervision

The Italian Securities Commission (Consob) and the Bank of Italy have signed a memorandum of understanding setting out how they will cooperate in implementing the EU Markets in Crypto-Assets Regulation (MiCAR), which establishes a harmonised EU regime for the issuance and public offering of crypto-assets and for crypto-asset services. Legislative Decree No. 129/2024 assigns both authorities regulatory, information-gathering, inspection and sanctioning powers over entities that offer or issue crypto-assets or provide crypto-asset services, allocated according to a supervision-by-objectives approach. The protocol governs how regulatory powers will be exercised where mutual opinions or agreements are required, establishes information-sharing arrangements including in the context of cooperation with other European authorities, sets modalities for coordination on inspections, and aligns procedures for authorisations and withdrawals that require mutual input. It also provides for coordination when irregularities are identified and supervisory measures are adopted. The memorandum of understanding is available on the Consob and Bank of Italy websites.