Italy Dominates EU’s Unlicensed Crypto Firms Registry
An analysis released today by FM Intelligence reveals that Italy’s market regulator is responsible for 179 out of 188 listings on the EU’s registry of unauthorized cryptocurrency operators.
The European Securities and Markets Authority (ESMA) maintains this list under the Markets in Crypto-Assets Regulation (MiCA). The law’s transition period ended on July 1 for providers without a license.
Italy’s Dominance in Reporting Unlicensed Crypto Firms
Italy’s Commissione Nazionale per le Società e la Borsa (CONSOB) has been actively blocking unauthorized financial websites since 2019. As of October 29, CONSOB had blocked 1,861 sites, with 250 related to crypto-assets.
Germany’s Absence and Alternative Reporting Channels
Germany, home to the most authorized crypto providers in the EU (119), has filed no entries in the non-compliant register. However, its Federal Financial Supervisory Authority (BaFin) issued 89 consumer warnings related to crypto services, as of November 3, 2026.
This pattern repeats in other countries. France’s Autorité des marchés financiers (AMF) added 64 crypto names to its blacklist since January 2026, yet has no entries in the ESMA file.
Gaps in the ESMA Register and Reporting Obligations
The ESMA register lacks entries from 25 EEA states, as MiCA’s Article 110 does not mandate submissions from national authorities. Belgium, the Czech Republic, the Netherlands, and Slovakia contributed the remaining nine entries, while Italy dominates with 179.
Nothing obliges supervisors to file entries, and the register is non-exhaustive. The full FM Intelligence analysis examines what the 188 entries contain, a detail that limits their use in counterparty screening, and projects the size of the file by June 30, 2027, when the Commission is due to report on MiCA.
