On June 3rd, 2025, Italy’s financial watchdog, CONSOB, made a big move by adopting new crypto classification guidelines from the European Securities and Markets Authority (ESMA). It’s a major step forward in aligning Italy with the EU-wide Markets in Crypto-Assets (MiCA) regulation — and a sign that the crypto industry in Europe is entering a new phase of maturity.
So, what exactly are these guidelines? And more importantly, what do they mean for the future of crypto in Italy and across Europe?
Breaking Down the New Rules
Published back in March and in effect since May, ESMA’s guidelines aim to clear up confusion around which crypto-assets fall under existing financial regulations — and which don’t.
In plain terms, they help define the line between crypto that behaves more like a traditional financial product (and should be regulated accordingly) and those that don’t, like many utility tokens or NFTs.
They cover:
How to classify utility tokens, NFTs, and hybrid tokens
Whether or not a token qualifies as a financial instrument under MiFID II
Key principles for regulators across the EU to apply consistently
While the guidelines aren’t laws themselves, they carry weight. They’re designed to help national regulators — like CONSOB — create a more unified approach across member states.
Why It Matters in Italy
With this move, Italy is signaling that it’s ready to play by the same rulebook as the rest of the EU. That brings a few important changes for the local crypto space:
✅ More regulatory clarity — crypto-assets that meet certain criteria might now fall under the same rules as traditional investments.
✅ Stricter oversight — projects operating in legal grey zones or lacking transparency will likely face more scrutiny.
✅ More alignment with EU strategy — helping create a safer, more predictable environment for both users and companies.
The Good, the Tough, and the Big Picture
This isn’t just a headache for crypto companies — far from it. In fact, the new framework opens doors, especially for projects looking to scale or attract more risk-conscious users.
On the opportunity side:
Institutional players may feel more confident entering the market.
Startups can build with a better understanding of what’s allowed (and what’s not).
Cross-border projects will face fewer regulatory headaches across EU markets.
But yes, there are challenges too:
Companies may face higher compliance costs (think disclosures, licensing, investor protections).
Decentralised projects might struggle to apply the guidelines to their models.
Some token types — especially hybrids and DAOs — are still tricky to define.
A Step Toward Global Leadership?
While the US sticks to enforcement and Asia experiments with mixed approaches, the EU is trying something different: clear rules before there’s trouble. That could be a winning strategy in the long run — and Italy is placing itself at the front of the pack by acting fast.
What’s Next?
This update might sound like a niche regulatory shift, but it’s actually a big sign of where crypto is headed: into the mainstream, with clearer expectations and more trust.
Whether you’re a builder, investor, or crypto-curious newcomer, staying ahead of these changes is key. As compliance becomes a bigger part of the conversation, crypto isn’t just growing — it’s growing up.