In a world where digital assets promise rapid capital gains but carry the risk of losing one's savings, Italy has taken on the role of Europe's chief guardian. According to an analysis by Finance Magnates Intelligence, the Italian regulator CONSOB has submitted 179 of 188 records on unlicensed crypto firms to the ESMA register — that is 95% of the total.
The register is maintained by the European Securities and Markets Authority under the MiCA regulation. The transition period for companies without a licence ended on 1 July 2026. Banks, payment systems and brokers can now consult this list when vetting counterparties. However, out of 30 EEA countries, only five have contributed: besides Italy, Belgium (six records), Czechia, the Netherlands and Slovakia (one each).
Germany, where the largest number of licensed providers is registered — 119 — has not submitted a single record. At the same time, BaFin published 89 warnings concerning crypto services in 2026. France and Cyprus also maintain their own blacklists, but their data did not make it into the pan-European register. MiCA does not oblige national authorities to pass information to ESMA, so the picture that emerges is incomplete.
The reason for Italy's leadership is a long-standing practice. Since 2019, CONSOB has been blocking unauthorised financial websites: by the end of October their number had reached 1861, of which 250 are crypto-oriented. The regulator is used to working with large volumes of data and readily passes them on. Other countries prefer local warnings, which do not always end up in the single database.
For the ordinary investor this means a simple thing: when choosing a platform, one should check not only national lists but also the ESMA register. Money, like water, seeks the path of least resistance — and flows to where oversight is weaker. Italy, in essence, is filling the gaps that others leave.
The unevenness of reporting also highlights a broader problem: firms can choose the "weakest" regulator in the EU and then operate across the entire bloc. Central supervision of the largest players is under discussion, but for now the register remains a tool that depends on the good faith of individual countries.
Before transferring funds to a crypto platform, check the ESMA register — it will take a minute and may save you from losses.
