The MiCA Regulation has been in force since 2023 but applies in phases. With the transitional regime expiring on 1 July 2026, the question is no longer whether a crypto-asset platform is regulated, but whether the entity behind it is authorised to operate.
The dates that matter
The MiCA (Regulation EU 2023/1114) entered into force on 29 June 2023 and has applied in phases: 30 June 2024 for token issuance and initial AML duties; 30 December 2024 for the full regime for token asset issuers (ART and EMT) and transparency duties for CASPs; 1 July 2026 for the full authorisation regime and penalties.
From that date, in Italy, a custody, dealing or trading service in crypto-assets may be offered only by an entity authorised or registered as a CASP, under the supervision of Banca d'Italia.
The Travel Rule with no minimum threshold
One step platforms often undervalue is the extension of transparency duties to crypto transfers. The reform of the TFR Regulation (EU) 2023/1113 extended these requirements to crypto transfers with no minimum threshold, unlike the EUR 1,000 threshold typical of AML rules for wire transfers.
In practice: for every transfer, the originator and beneficiary identification, amount, currency, date, transaction identifier and, for crypto, blockchain information with sending and receiving wallets must be collected and transmitted. The EBA guidelines have clarified the scope of application.
Penalties
Breaches of the regime can attract penalties of up to EUR 3 million or 5% of turnover, with more severe measures in the most serious cases, up to EUR 5 million or 10% of turnover.
What this means for crypto scam victims
The shift from the old VASP regime to the authorised or registered CASP regime is not a detail for industry professionals. It has direct, verifiable consequences for a compensation claim: the claim can no longer simply attribute the loss to a platform in general terms, but must establish whether the platform itself was operating lawfully and whether the intermediary adopted the required evidence-preservation measures.
This step strengthens the account holder's position: knowing whether the platform was authorised, and when, is an objective fact bearing on the assessment of unlawfulness and on the liability regime.
Did you invest through an unregulated platform?
We check whether the platform operated under MiCA authorisation or registration and whether evidence was preserved: decisive elements for a compensation claim.
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