Useful Articles / Italy
Crypto exchanges in Italy: licensed venues and the substitute tax option
Italy is a substantial European crypto market that arrived at MiCA from its own national starting point — the OAM register — and it taxes crypto in two directions at once: on what you gain, and on what you hold.
From OAM to MiCA
Before the European framework, providers operating in Italy registered with the OAM, the body overseeing financial agents. That register was an anti-money-laundering measure rather than a full licensing regime, and it does not carry over: since 1 July 2026 the requirement is MiCA authorisation, supervised by CONSOB and the Banca d'Italia domestically and passportable from any EEA regulator.
A platform pointing at an OAM entry as evidence it is licensed is pointing at the wrong thing. The ESMA register is where the answer is.
Who can legally take you
| Venue | Licensed via | What you get |
|---|---|---|
| Bybit EU | Bybit EU GmbH, Austria | Spot and margin, no perpetuals |
| OKX | OKX Europe Limited, Malta | Spot, margin and derivatives |
| Kraken | MiCA authorised for the EEA | Spot, margin and derivatives |
Taxed twice over, in a sense
Italy charges a capital gains rate on disposals, and separately applies a small annual stamp duty on the value of crypto held — a levy on the holding itself, echoing the treatment of financial accounts. Some holders may also elect a substitute regime that changes how the base cost is calculated.
The gains rate has been subject to repeated legislative proposals in recent years, including some that would have raised it sharply before landing somewhere more moderate. Because it has moved, do not rely on a number you read anywhere — including here. Confirm with the Agenzia delle Entrate or a commercialista.
The practical effect for venue choice: you need annual valuation statements, not just trade history, because the stamp duty is calculated on holdings rather than transactions. Check that any platform you use can export that before you commit to it.
Funding
SEPA in euros, no conversion step. Italian banks are broadly workable for transfers to licensed venues, with the usual variation between institutions. Card funding is instant and more expensive.
What changed on 1 July 2026
Binance withdrew its MiCA application in June and ended EU retail service on 1 July. USDT is no longer listable on compliant EU platforms. Derivatives require a MiFID II licence on top of MiCA, which narrows your options to a handful.
Opening an account
Bybit EU for spot and margin, OKX Europe if you need derivatives too. Referral links, no cost to you.