MiCAR: Important Update
What is this about?
Hercle s.r.l. has decided to submit an application to the Commissione Nazionale per le Società e la Borsa (Consob) to obtain a licence as a CASP (Crypto-Asset Service Provider) pursuant to EU Regulation No. 1114/2023 — commonly known as the MiCA Regulation or MiCAR.
This licence will allow Hercle to provide regulated cryptoasset services in Italy under the direct supervision of the national authorities, including Consob and the Bank of Italy.
Does this affect my services right now?
No action is required on your part at this time.
The submission of this application does not entail any immediate changes to the services currently offered. You will continue to receive cryptocurrency-related services through the Hercle platform under the same conditions.
Hercle has already spent the past months strengthening its organisational structure, internal processes, and service delivery model to fully align with the MiCA Regulation — with the goal of minimising any impact on clients while ensuring continuity of operations.
We will inform you as soon as the licence is obtained.
What is MiCAR?
MiCAR (Markets in Crypto-Assets Regulation — EU Regulation No. 1114/2023) is the first comprehensive EU-wide regulatory framework specifically designed for the cryptocurrency and digital asset industry. It came into full effect in December 2024 and applies uniformly across all 27 EU Member States.
Before MiCAR, crypto-asset service providers in Europe operated under a patchwork of national rules — or in some cases, with no specific regulation at all. MiCAR changes this by establishing a single, harmonised set of rules that all providers must follow, regardless of which EU country they are based in.
What does MiCAR require from providers like Hercle?
To operate as a CASP (Crypto-Asset Service Provider) under MiCAR, companies must obtain a formal licence from a national competent authority — in Italy, this is Consob. Obtaining this licence requires demonstrating compliance with strict requirements covering:
Governance and organisational structure — adequate internal controls, clearly defined roles, and fit-and-proper requirements for management
Capital requirements — minimum own funds to ensure financial resilience
Client asset protection — rules on how client funds and digital assets must be held and safeguarded
Transparency and disclosure — clear, standardised information to clients about services, risks, costs, and conflicts of interest
AML/CTF compliance — robust anti-money laundering and counter-terrorist financing procedures
Market integrity — rules to prevent market abuse, insider trading, and manipulation in crypto markets
What does this mean for clients?
Once Hercle obtains its CASP licence under MiCAR, the services it provides will be fully regulated at EU level — subject to ongoing supervision by Consob and the Bank of Italy. This represents a significant step up from the current OAM registration, which covers anti-money laundering obligations but does not constitute a full financial services licence. MiCAR authorisation brings Hercle into the same regulatory tier as banks and investment firms for the purposes of cryptoasset services.
How are Hercle's services currently provided?
Hercle s.r.l. is currently registered in Italy with the OAM — Register of Virtual Currency Operators under registration number PSV32, as a provider of virtual currency services.
Until the MiCAR licence is obtained, Hercle will continue to operate under the Italian national transitional regime for VASPs (Virtual Asset Service Providers), introduced by Decree-Law 95/2025, which extended its validity until 30 December 2025.
Furthermore, Hercle may continue to operate throughout the authorisation process — until the outcome of the application is determined, and in any case no later than 30 June 2026 — provided that it submits an application for authorisation as a crypto-asset service provider under MiCAR in Italy or another EU Member State by 30 December 2025.
What happens if I do not wish to accept these changes?
If you do not wish to accept these changes, you may choose to terminate your relationship with Hercle. However, please note that the submission of this application does not currently alter the terms or conditions of the services you receive.
Have questions?
For any questions regarding Hercle's decision to comply with the MiCA Regulation, or to learn more about how operations will be adapted: