Pin and benchmark
Pin one jurisdiction. Line up to five rivals against it. Deltas show where each peer is better or worse.
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| Dimension |
Pinned 🇩🇪 Germany partly open Verified 2026-08-15
|
🇮🇹 Italy
partly open
Verified 2026-08-15
|
|---|---|---|
| Licence type | MiCA CASP authorisation granted by BaFin under national law FinmadiG/KMAG; replaces the legacy KWG crypto-custody business licence, with a simplified transition for existing KWG-licensed firms. | 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 | BaFin (Bundesanstalt fur Finanzdienstleistungsaufsicht) with Deutsche Bundesbank involvement; applications go to both. Widely regarded as the EU's most demanding CASP regulator. | 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 | Germany capital requirement is included in the £349 pass. | Italy capital requirement is included in the £349 pass. |
| Timeline to authorisation | Germany timeline to authorisation is included in the £349 pass. | Italy timeline to authorisation is included in the £349 pass. |
| Local substance | Germany local substance is included in the £349 pass. | Italy local substance is included in the £349 pass. |
| Application cost | Germany application cost is included in the £349 pass. | Italy application cost is included in the £349 pass. |
| Ongoing cost | Germany ongoing cost is included in the £349 pass. | Italy ongoing cost is included in the £349 pass. |
| Passporting | Germany passporting is included in the £349 pass. | Italy passporting is included in the £349 pass. |
| MiCA CASPs approved | Germany mica casps approved is included in the £349 pass. | Italy mica casps approved is included in the £349 pass. |
| Key restrictions | Germany key restrictions is included in the £349 pass. | Italy key restrictions is included in the £349 pass. |
| Recent changes | FinmadiG + KMAG in force 27 Dec 2024; Germany used a 12-month grandfathering (apply before 8 Oct 2025; effective end-2025). By mid-2026 the EU's #1 hub - ~57 CASP authorisations (~23% of the EU's ~244), incl. Trade Republic, N26, Commerzbank, Bitpanda. BaFin's KMAnzV notification ordinance under KMAG (issued 20 May 2026, Federal Gazette 26 May 2026) standardises CASP notification forms and procedures. ESMA's interim register recorded 61 German CASP entries at its 24 July 2026 refresh, including cooperative banks Raiffeisenbank Auerbach-Freihung eG (19 June 2026) and Volksbank Schwarzwald-Donau-Neckar eG (2 July 2026), both for order execution only. | 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 | Germany difficulty rating is included in the £349 pass. | Italy difficulty rating is included in 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.
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