Italy is the euro area's third-largest economy with a large domestic banking sector and a growing payments and fintech market. Banca d'Italia supervises banks, payment and e-money institutions, CONSOB oversees investment firms and crypto-asset service providers, and online gaming runs under a state concession model managed by ADM.
Risk flagStandard
FATFNot listed
EU AML high-risk listNot listed
EU tax listNot listed
Licence regimes6
CurrencyEUR
S&P ratingBBB+
Next electiondue by 2027
Italy is not on the FATF grey or black lists (plenary of 19 June 2026); as an EU Member State it is outside the scope of the EU high-risk third-country list (Delegated Reg. 2016/1675, consolidated 29 January 2026) and the EU tax list (Annex I, updated 17 February 2026). Checked 7 October 2026.
Government and politics
Government
Parliamentary republic
President of the Republic
Sergio Mattarella · since February 2015
President of the Council of Ministers (Prime Minister)
Giorgia Meloni (Brothers of Italy (FdI))
Governing parties
Brothers of Italy (FdI), League (Lega), Forza Italia (FI), Us Moderates (Noi Moderati)
Last election
General (parliamentary), 25 September 2022
Next election
General (parliamentary), due by 2027. Reports in mid-2026 said an early vote in spring 2027 was under consideration
Legislature
Parliament: Chamber of Deputies (400 seats) and Senate of the Republic (200 elected seats plus senators for life)
Legal system
Civil law system; Constitutional Court reviews legislation
Economy and finance
Population
58.9m (2025)
GDP
USD 2.6tn (2025)
GDP per person
USD 43,270 (2025)
Currency
Euro (EUR), euro
Central bank
Banca d'Italia (part of the Eurosystem)
Credit rating
S&P BBB+ (positive) · Moody's Baa2 (stable) · Fitch BBB+ (stable) (as of September 2026)
The euro area's third-largest economy, driven by manufacturing in the industrial north, luxury goods, tourism and a large banking sector centred on Milan, and constrained by public debt of about 136 to 138 percent of GDP.
TimelineECB final decision within 180 days of receipt of the application (subject to suspensions) and in any case within 12 months
AuthorityECB on proposal of Banca d'Italia
EUR 10 million for banks in the form of public limited companies, 'popolari' banks and mutual loan guarantee banks; EUR 5 million for cooperative credit banks
Law
Legislative Decree 385/1993 (Consolidated Law on Banking, TUB), art. 14; Banca d'Italia Regulation of 10 August 2021; Regulation (EU) No 1024/2013 (SSM)
Passporting
Yes: EU passport under CRD (Arts. 33 to 39) for branches and cross-border services
Key requirements
Legal form of a public limited company or cooperative company
Registered office and headquarters in Italy
Suitable qualifying shareholders and fit and proper management body; no close links impeding supervision
Initial business plan focused on capital sustainability, articles of association, organisational report and remuneration policies
Membership of an Italian deposit guarantee scheme (TUB art. 96) and an ADR system (TUB art. 128-bis) after licensing
TimelinePSD2 art. 12 (applied to EMIs via EMD2): decision within 3 months of a complete application; Banca d'Italia's own procedural deadline was not verified
AuthorityBanca d'Italia
EUR 350,000 initial capital; ongoing own funds of at least 2% of average outstanding e-money (EMD2 art. 5)
Law
Consolidated Law on Banking (TUB), Title on electronic money institutions; register under TUB art. 114-quater
Passporting
Yes: EU passport under EMD2/PSD2 by branch, agent, distributor or free provision of services
Key requirements
Suitable qualifying shareholders and fit and proper management body
Application submitted to Banca d'Italia under its licensing procedures
Hybrid EMIs must run e-money and payment services through a dedicated capital fund
Crypto-asset service provider (CASP) authorisation under MiCA
Minimum capitalUSD 56k
TimelineCompleteness check within 25 working days, then a decision within 40 working days of a complete application (suspension for information requests up to 20 working days); decision notified within 5 further working days
AuthorityCONSOB in consultation with Banca d'Italia (specialised CASPs); Banca d'Italia in consultation with CONSOB for EMIs and payment institutions
MiCA Art. 67 and Annex IV: EUR 50,000 (class 1: order execution, placing, transfer services, reception and transmission, advice, portfolio management), EUR 125,000 (class 2: adds custody and administration, and exchange for funds or other crypto-assets), EUR 150,000 (class 3: adds operating a trading platform); or one quarter of prior-year fixed overheads if higher
Yes: MiCA authorisation can be passported across the EU/EEA by notification (MiCA Art. 65)
Key requirements
Registered office in the Member State where at least part of the services are provided, place of effective management in the EU and at least one director resident in the EU (MiCA Art. 59(2))
Fit and proper management body and suitable qualifying shareholders
Safeguarding and segregation of client crypto-assets and funds, complaints handling, conflicts of interest policy
AML/CFT framework and compliance with the Transfer of Funds Regulation (EU) 2023/1113 travel rule
Applications and notifications filed by certified email (PEC) using the prescribed forms; operations must start within 12 months of authorisation
TimelineCONSOB decides within 6 months of a complete application (TUF art. 19(1))
AuthorityCONSOB after consulting Banca d'Italia
IFD Art. 9: EUR 75,000 (reception and transmission, execution, portfolio management, advice, placing without firm commitment, with no client money or securities held); EUR 150,000 (other firms); EUR 750,000 (dealing on own account or underwriting on a firm commitment basis)
Law
Legislative Decree 58/1998 (Consolidated Law on Finance, TUF), art. 19; Regulation (EU) 2019/2033 (IFR)
Passporting
Yes: MiFID II passport (Arts. 34 and 35) for services and branches
Key requirements
Conditions set by the MiFID II technical standards (TUF art. 19(1))
Authorisation lapses if activity does not start within one year (TUF art. 19(3-ter))
Relevant changes to authorisation conditions must be notified to CONSOB and Banca d'Italia
Membership of an investor compensation scheme (TUF art. 59)
Remote gaming concession (concessione per il gioco a distanza)
Minimum capitalNot published
TimelineNot published
AuthorityAgenzia delle Dogane e dei Monopoli (ADM), after a public tender
Law
Legislative Decree 41/2024, art. 6
Fees
One-off fee of EUR 7 million per concession (EUR 4 million on award and EUR 3 million on start of service); maximum of five concessions per corporate group
Passporting
No EU passport for gambling: remote gaming in Italy requires an ADM concession
Key requirements
Capital company with registered office in an EEA State
Experience in gaming in an EEA State with total revenues of at least EUR 3 million over the last two closed financial years
Guarantee in favour of ADM as defined in the tender
Concession lasts at most nine years and cannot be renewed
Banca d'Italia (BdI) · websiteBanks, E-money institutions, Payment service providers, Virtual asset service providers (VASPs)
Commissione Nazionale per le Società e la Borsa (CONSOB) · websiteInvestment firms, Virtual asset service providers (VASPs)
European Central Bank (Single Supervisory Mechanism) (ECB) · websiteBanks
Agenzia delle Dogane e dei Monopoli (ADM) · websiteOnline gaming
MiCA: Italy notified an 18-month transitional period; VASPs registered in the Italian AML register had to apply for MiCA authorisation by 30 December 2025 to benefit, and the transitional period ended on 1 July 2026 (Banca d'Italia and CONSOB joint press release of 30 June 2026, which reported 8 CASPs authorised by CONSOB). Banking: Banca d'Italia sets a national initial capital of EUR 10 million for joint-stock banks, double the EU floor. CONSOB's website blocked automated access, so the investment firm entry relies on the TUF text on Normattiva and the IFD; the application fee for a SIM licence was not verified.
General information
About Italy
Natural Earth boundaries. Map is indicative.
Status
Sovereign state
Capital
Rome
Area
301,340 km²
Official languages
Italian
Time zone
UTC+01:00 (UTC+02:00 in summer)
Main exports
packaged medicine
garments
cars
refined petroleum
vehicle parts and accessories
tourism
Main export partners
Germany
United States
France
Spain
United Kingdom
Sources for the country information(9)
Country information checked 9 October 2026. Licensing data updated 7 October 2026. Information only, not legal advice; requirements change. Regulatory notice.
