TLDR
Italy has granted a MiCA crypto asset service provider licence to local fintech Conio, reinforcing the EUs shift to a single, stricter rulebook for crypto firms.
- Conio has been authorised by Consob and the Bank of Italy as a MiCA CASP, allowing regulated custody, transfer and placement of crypto assets in Italy and across the EU.
- The licence gives Conio passporting rights and stronger consumer safeguards, at a time when only around 200 of more than 3,000 pre MiCA firms have secured similar approvals.
- As the June 30 2026 MiCA transition deadline approaches, users should expect consolidation, service changes and more weight on whether their provider holds a CASP licence.
Deep Dive
1. What Italy Has Approved
Italian fintech Conio has received a Markets in Crypto Assets Regulation (MiCAR) licence in Italy to operate as a crypto asset service provider after a joint review by markets regulator Consob and the Bank of Italy. Reuters reports that the authorisation lets Conio offer custody, transfer and placement of digital assets under EU standards, with backing from Poste Italiane and Banca Generali as strategic shareholders.
A separate analysis notes that this MiCA CASP licence also enables Conio to serve retail users, banks, fintechs and corporates through its infrastructure and white label solutions, including tokenisation and digital asset management projects across the EU.
Conio moves from local fintech to a fully regulated infrastructure provider that other Italian and European firms can plug into for compliant crypto services.
2. Why MiCA CASP Status Matters
Under MiCA, a single CASP licence in one EU member state allows a firm to passport services across all 27 countries, as highlighted in coverage of Conios Italian approval and other MiCA licences. That creates a clear moat for firms that clear the bar, because unlicensed providers must stop serving EU clients once transition periods end.
Industry data cited by Hogan Lovells and repeated in market commentary show that over 3,000 crypto businesses operated in Europe before MiCA, yet by May 2026 only about 194 to 223 authorised CASPs had approval, implying roughly three quarters of prior operators may lose their ability to serve the EU. OKXs European chief has estimated that 80% of exchanges operating in Europe today will not survive the end of the MiCA transition, in a recent overview.
Licensed firms gain regulatory clarity and competitive advantage, while many smaller or slower players may exit or be forced to partner with licensed providers.
3. What To Watch Next
The key date is the end of the MiCA transition around June 30 2026, after which only authorised CASPs can legally offer covered crypto services in the EU. Regulators have already signalled that unlicensed firms must stop new business and help users migrate assets or withdraw.
Some infrastructure players are positioning to catch this shift. BitGo Europe, already MiCA licensed in Germany, has launched a Crypto as a Service platform so exchanges and fintechs without their own licence can serve clients through BitGos regulated stack, as detailed in a recent report. That kind of model may become common as firms race to stay in the EU market.
For everyday users, the practical questions become whether your current exchange or wallet provider has, or will obtain, a MiCA CASP licence in at least one EU state and, if not, what their migration plan is.
Conclusion
Italys approval of Conio as a MiCA CASP shows how national regulators are now actively implementing the EUs unified crypto rulebook. Licensed firms gain passporting rights, stronger legal certainty and a clearer path to institutional clients, while unlicensed operators face hard deadlines and potential exit. For crypto users in Europe, the landscape is likely to narrow to fewer but more regulated providers, making regulatory status as important to monitor as fees or supported coins.
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