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Italian fintech Conio has secured MiCAR authorization from Consob and the Bank of Italy, becoming one of only 194 crypto firms approved under the EU’s new framework as of May 2026, with the bloc’s compliance deadline arriving June 30.
The approval allows Conio to offer regulated crypto-asset services, including custody, transfer and placement of digital assets, under the Markets in Crypto-Assets Regulation (MiCAR).
The authorization follows a joint regulatory review conducted by Italy’s securities watchdog Consob and the Bank of Italy, giving Conio the green light to expand its offerings to retail investors, banks, fintech companies and institutional clients seeking exposure to tokenized assets.
The move comes less than two weeks before the EU’s transition period expires on June 30, 2026. From July 1, crypto companies that fail to obtain the required licenses will no longer be permitted to offer covered services across the bloc.
Europe’s crypto sector is entering a decisive phase as regulators prepare to fully enforce MiCAR, the first comprehensive framework governing digital asset providers across all 27 EU member states.
Industry participants have spent months racing to meet new requirements covering governance, risk management, consumer protection and capital adequacy.
The European Securities and Markets Authority (ESMA) has previously warned that firms operating without the required approvals after the deadline will be in breach of EU law. Regulators have also advised companies unable to secure licenses to establish wind-down plans and help customers migrate assets to authorized providers or self-custody solutions.
The compliance challenge remains significant.
Legal firm Hogan Lovells estimated that more than 3,000 virtual asset service providers operated across Europe in 2024. However, by May 2026, only 194 crypto-asset service providers — including licensed banks — had received approval under the new framework.
The firm estimates that roughly three-quarters of previously registered providers could lose their ability to operate as national transition periods expire.
Against that backdrop, obtaining regulatory approval has shifted from a competitive advantage to a business necessity.
“With the end of the transition period approaching on June 30, 2026, obtaining MiCAR authorization is becoming an essential requirement for operating in Europe,” Conio said in a statement.
Founded in 2015, Conio initially built its reputation around crypto custody and wallet services for retail customers in Italy.
The company said it now serves more than 430,000 users and is broadening its focus to include banks, fintech platforms and institutions pursuing tokenization initiatives.
Conio plans to offer white-label infrastructure that enables financial institutions to integrate digital asset capabilities into their existing products without building the technology stack from scratch.
Chief Executive Officer Christian Miccoli said the approval strengthens the company’s position as a strategic partner for organizations seeking to incorporate digital assets into regulated investment offerings.
“Obtaining MiCAR authorization in Italy is an important milestone that confirms the strength of our approach and our commitment to offering innovative, secure and fully compliant services,” Miccoli said.
He added that Conio intends to deepen its involvement in blockchain-based initiatives and tokenization projects as institutional demand for digital assets continues to grow.
The company counts Poste Italiane and Banca Generali among its backers, giving it established relationships within Italy’s traditional financial sector.
One of the biggest advantages of the new framework is its passporting mechanism.
With MiCAR authorization, crypto firms approved in one EU member state can expand services across the bloc through a simplified notification process rather than seeking separate licenses in every jurisdiction.
That capability could prove especially valuable for firms like Conio as banks and asset managers accelerate efforts to develop tokenized products and digital asset strategies.
In July 2024, Conio partnered with fintech infrastructure provider Mesh to connect its wallet platform with major cryptocurrency exchanges, including Coinbase and Binance, allowing users to manage assets more efficiently while maintaining control of their holdings.
The company said those initiatives reflect growing demand for secure, regulated alternatives to centralized crypto platforms.
As the EU moves closer to full implementation of MiCAR, the competition for regulatory approval is intensifying.
For firms still navigating the licensing process, the shrinking timeline presents mounting operational and legal risks. For companies that have already secured approval, the race for MiCAR authorization is quickly turning into a battle for market share in Europe’s newly regulated digital asset economy.
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