INFORMATION TECHNOLOGY
Legislative Decree No. 129/2024 adapting national legislation to MiCAR Regulation (EU) 2023/1114 published in the Italian Official Gazette.
Articles 93 and 94 of Regulation (EU) 2023/1114 require Member States to designate the competent authorities (with the necessary supervisory powers) responsible for carrying out the functions and tasks set out therein and to notify the competent authorities (EBA and ESMA) of such designation.
Legislative Decree No. 129 of 5 September 2024 is therefore the national coordinating legislation to the MiCAR Regulation, which fulfils these tasks by identifying the Bank of Italy and CONSOB as the competent national authorities pursuant to Article 93. Among the powers conferred upon them by the legislative decree is also that of issuing provisions implementing the decree (again in accordance with the guidelines adopted by ESMA and the EBA), as well as provisions concerning the manner in which supervisory powers are to be exercised.
Decree 129/2024 then regulates the modalities for the exercise of supervisory and authorisation powers depending on the crypto-activities (asset-linked tokens, or ART, in Chapter II; e-money tokens, or EMT, in Chapter III; crypto-activities other than asset-linked tokens or e-money tokens, in Chapter IV), regulates the authorisation and supervision profiles of crypto-asset service providers, or CASP, in Chapter V, and sets out rules on the prevention and supervision of market abuse.
Finally, the coordinating decree to MiCAR also introduces the first specific national rules on asset-linked tokens and crypto asset service providers and specifies CONSOB's competences and powers regarding the supervision of the obligations of issuers, offerors and persons requesting admission to trading of crypto assets to disclose to the public inside information concerning them.
Legislative Decree No. 129 of 5 September 2024 is therefore the national coordinating legislation to the MiCAR Regulation, which fulfils these tasks by identifying the Bank of Italy and CONSOB as the competent national authorities pursuant to Article 93. Among the powers conferred upon them by the legislative decree is also that of issuing provisions implementing the decree (again in accordance with the guidelines adopted by ESMA and the EBA), as well as provisions concerning the manner in which supervisory powers are to be exercised.
Decree 129/2024 then regulates the modalities for the exercise of supervisory and authorisation powers depending on the crypto-activities (asset-linked tokens, or ART, in Chapter II; e-money tokens, or EMT, in Chapter III; crypto-activities other than asset-linked tokens or e-money tokens, in Chapter IV), regulates the authorisation and supervision profiles of crypto-asset service providers, or CASP, in Chapter V, and sets out rules on the prevention and supervision of market abuse.
Finally, the coordinating decree to MiCAR also introduces the first specific national rules on asset-linked tokens and crypto asset service providers and specifies CONSOB's competences and powers regarding the supervision of the obligations of issuers, offerors and persons requesting admission to trading of crypto assets to disclose to the public inside information concerning them.
