# Italy Dominates EU Register of Unlicensed Crypto Firms Italian regulator CONSOB accounts for 95% of entries on the official ESMA list. - **Source:** [CryptoCurrency – Finance Magnates | Financial and business news](https://brifing.si/source/b5a2ce51-ec8e-4702-886b-778de5971605) - **Published:** 2026-11-04 - **Topic:** [Finance](https://brifing.si/c/finance) - **Original article:** - **On Brifing:** https://brifing.si/s/a21a1e97-dac4-4e5f-b5c8-585c9f520301 ## Italy's Regulatory Dominance Italy's market regulator, CONSOB, has filed 179 of the 188 entries currently listed on the European Securities and Markets Authority's register of unlicensed crypto firms. This concentration indicates that a single national supervisor is responsible for nearly 95% of the entries, highlighting a significant disparity in how member states report unauthorized crypto activity. ## MiCA Regulatory Framework The European Securities and Markets Authority maintains this public record under the Markets in Crypto-Assets Regulation, known as MiCA. The transition period for providers operating without a license officially concluded on July 1. This register serves as the primary EU-wide tool for banks and brokers to screen counterparties for potential regulatory compliance risks. ## CONSOB's Enforcement Strategy Since 2019, Italy's Commissione Nazionale per le Società e la Borsa has actively ordered internet providers to block unauthorized financial websites. By October 29, the regulator's total tally reached 1,861 blocked sites, with 250 specifically linked to crypto-assets. This established infrastructure makes it easier for Italian authorities to submit bulk data to ESMA. ## Germany's Divergent Approach Germany presents a stark contrast, as its Federal Financial Supervisory Authority has filed zero entries in the non-compliant register. Despite this, Germany hosts 119 authorized providers, the highest number in the EU. BaFin issued 245 consumer warnings by November 3, with 89 specifically mentioning crypto services, suggesting different internal reporting channels are utilized. ## Absence of Mandatory Filing Article 110 of the MiCA regulation defines the register as non-exhaustive and sets no specific duty or deadline for national authorities to submit entries. Consequently, 25 EEA states have currently filed zero entries. This lack of obligation creates a fragmented landscape where national warning lists often operate independently from the centralized European file. ## Supervisory Oversight Debates EU finance ministers recently agreed to limit direct ESMA supervision to only the largest cross-border providers. This decision narrows an earlier European Commission proposal to centralize oversight in Paris. Critics, including BaFin executives, argue that firms currently exploit regulatory gaps by choosing jurisdictions with weaker supervision before expanding their operations across the entire bloc. ## Reporting Channel Discrepancies France's Autorité des marchés financiers and the Cyprus Securities and Exchange Commission have both issued numerous crypto-related warnings this year but have not contributed to the ESMA file. These authorities often categorize mixed investment and crypto offers under national banking or securities laws, which may explain why they remain absent from the registry. ## Future Regulatory Outlook The current registry remains limited in its utility for counterparty screening due to inconsistent reporting practices across member states. By June 30, 2027, the European Commission is scheduled to report on the effectiveness of MiCA. This assessment will likely address the gaps in reporting and the ongoing debate regarding centralized versus national crypto supervision. ## Sources covering this story - https://www.financemagnates.com/cryptocurrency/regulation/italy-filed-95-of-the-eus-register-of-unlicensed-crypto-firms/ — --- _Summary written by Brifing from the original reporting. Copyright in the original article belongs to its publisher; read the full piece at the link above._