Pin and benchmark
Pin the jurisdiction you are leaning towards, then line up to 5 rivals against it. Every unlocked figure shows where a peer beats it or loses to it on capital, timeline, cost and difficulty, so one screen tells you whether your first choice actually holds up.
Sign in to watch these jurisdictions for changes.
| Dimension |
Pinned 🇫🇷 France partly open Verified 2026-07-03
|
🇮🇹 Italy
partly open
Verified 2026-07-02
|
|---|---|---|
| Licence type | MiCA CASP authorisation (French 'agrement PSCA'); replaces the legacy PSAN regime (mandatory AML registration + optional licence). A single authorisation covers the 10 MiCA services. | MiCA CASP authorisation under EU Regulation 2023/1114, transposed via Legislative Decree 129/2025 and implemented through Consob Resolution 23700/2025. Pre-MiCA VASPs (registered under the OAM register per AML Decree 90/2017) had to convert to full CASP authorisation; transitional regime for existing VASPs was extended to 1 July 2026. |
| Regulator | AMF (Autorite des marches financiers) grants and supervises the CASP authorisation; ACPR (Banque de France) gives binding assent on AML/CFT and prudential aspects via a joint examination team. | Split regulator model: Consob (Commissione Nazionale per le Società e la Borsa) is the lead competent authority issuing CASP authorisation and supervising conduct-of-business/market integrity; Banca d'Italia is consulted on and supervises prudential aspects (capital, governance, AML) and directly handles credit institutions/e-money institutions offering crypto services (e.g. Banca Sella's notification route). |
| Capital requirement | France capital requirement is locked. Unlock with the £349 pass. | Italy capital requirement is locked. Unlock with the £349 pass. |
| Timeline to authorisation | France timeline to authorisation is locked. Unlock with the £349 pass. | Italy timeline to authorisation is locked. Unlock with the £349 pass. |
| Local substance | France local substance is locked. Unlock with the £349 pass. | Italy local substance is locked. Unlock with the £349 pass. |
| Application cost | France application cost is locked. Unlock with the £349 pass. | Italy application cost is locked. Unlock with the £349 pass. |
| Ongoing cost | France ongoing cost is locked. Unlock with the £349 pass. | Italy ongoing cost is locked. Unlock with the £349 pass. |
| Passporting | France passporting is locked. Unlock with the £349 pass. | Italy passporting is locked. Unlock with the £349 pass. |
| MiCA CASPs approved | France mica casps approved is locked. Unlock with the £349 pass. | Italy mica casps approved is locked. Unlock with the £349 pass. |
| Key restrictions | France key restrictions is locked. Unlock with the £349 pass. | Italy key restrictions is locked. Unlock with the £349 pass. |
| Recent changes | France used the full 18-month transition, ending 1 Jul 2026 (today). Deblock first CASP (May 2025), SG-Forge (Oct 2025); ~18 CASPs authorised by 28 May 2026. AMF adopted ESMA staff knowledge/competence guidelines (Mar 2026). | Consob Resolution 23700/2025 (introducing the EUR 20,000 fee) took effect 1 December 2025; the transitional regime for pre-MiCA VASPs was extended to 1 July 2026 (later than the original MiCA default cut-off), giving Italian firms extra runway. As of 1 July 2026, 8 firms hold full CASP authorisation, a sharp jump from near-zero conversions reported earlier in 2026, though still a small fraction of the pre-MiCA registered population. |
| Difficulty rating | France difficulty rating is locked. Unlock with the £349 pass. | Italy difficulty rating is locked. Unlock with the £349 pass. |
Informational only, not legal advice. A delta compares the sortable figure only (capital, timeline, cost, difficulty, passporting, approvals); it is not a judgement on overall suitability. Verify with qualified counsel before acting.