Is peer to peer crypto trading legal in Italy?
Peer to peer crypto trading is legal in Italy as of June 2026. Buying and selling crypto directly with another person, including through a P2P marketplace, is lawful, and gains are taxable like any other crypto disposal. Operating a P2P platform or acting as a professional intermediary is a different matter and falls under the European Union Markets in Crypto Assets Regulation, requiring authorisation as a crypto asset service provider, supervised by CONSOB and the Banca d'Italia. The main practical risks are fraud and anti money laundering exposure rather than the legality of trading itself.
The legal position
Peer to peer, or P2P, trading means buying or selling crypto directly with another individual, often arranged through a marketplace that matches buyers and sellers and may hold funds in escrow. As of June 2026 P2P trading is legal in Italy. A private person can buy and sell their own crypto, including with another person, without a licence. The position changes when someone provides a service to others. Operating a platform, running an exchange service, or dealing professionally as an intermediary falls within the European Union Markets in Crypto Assets Regulation, known as MiCA, and requires authorisation as a crypto asset service provider, supervised by the Commissione Nazionale per le Societa e la Borsa, CONSOB, on the opinion of the Banca d'Italia.
Anti money laundering rules are central to P2P. Before MiCA, virtual asset service providers in Italy had to register with the Organismo Agenti e Mediatori, the OAM, and anti money laundering obligations now sit alongside the MiCA authorisation regime. A regulated P2P platform applies customer identification and reporting duties, while a purely private trade between two individuals does not turn the individuals into regulated firms, although large or repeated activity can raise questions about whether a person is acting as an unauthorised business. If you trade frequently or at scale, take advice on whether your activity crosses that line as of the current date.
How peer to peer trades are taxed
A P2P trade is taxed the same way as any crypto disposal in Italy. As of June 2026 selling crypto for euros or another fiat currency, or using it to pay for goods or services, is generally a disposal that can create a gain or loss under the substitutive tax on crypto, which is 33 percent from 1 January 2026, up from 26 percent in 2025. The former exemption for small gains under 2,000 euros no longer applies, so a gain of any size can be taxable. The fact that a trade happened person to person rather than on a centralised exchange does not change the tax treatment, but it does place more of the record keeping on you, since there may be no platform statement. Italy also applies an annual stamp style duty on crypto holdings and a monitoring obligation for assets held abroad on the RW section of the return. Keep evidence of each trade, the counterparty where possible, the date, and the euro value, and verify before filing.
Practical points
P2P trading carries a higher fraud risk than using a regulated exchange, because you deal directly with a counterparty. Common risks include chargeback fraud on reversible payment methods, fake payment confirmations, and pressure to release crypto before funds clear. Using a reputable platform with escrow and a dispute process reduces but does not remove this risk. Be cautious about trading with strangers off platform, and keep records both for safety and for tax. This page does not assess any P2P platform as an editorial pick.
Compare available exchanges in Italy
Many people prefer a regulated exchange to a direct P2P trade for the added protections. These platforms serve Italy under the MiCA framework as of June 2026. We list a platform here only where it is genuinely available to this country.
Regulator and sources
A P2P platform offered as a service is supervised in Italy by CONSOB on the opinion of the Banca d'Italia, with anti money laundering obligations alongside. Tax is handled by the Agenzia delle Entrate.
- European Union Regulation on Markets in Crypto Assets (MiCA), on the authorisation of crypto asset service providers that intermediate trading.
- CONSOB and Banca d'Italia, on the supervision of crypto asset service providers.
- Organismo Agenti e Mediatori (OAM), on the earlier register of virtual asset service providers and anti money laundering duties.
- Agenzia delle Entrate, on the taxation of crypto disposals and the related reporting obligations.
- Law 199 of 2025 (the 2026 Budget Law), on the crypto gains rate of 33 percent from 1 January 2026.
Frequently asked questions
- Is peer to peer crypto trading legal in Italy?
- Yes. As of June 2026 buying and selling crypto directly with another person, including through a P2P marketplace, is legal in Italy. Operating a platform or acting as a professional intermediary requires MiCA authorisation.
- Do I need to register to trade P2P in Italy?
- A private person trading their own crypto does not need to register as of June 2026. A firm that provides a P2P service to others must be an authorised crypto asset service provider supervised by CONSOB and the Banca d'Italia, with anti money laundering duties.
- How are peer to peer crypto gains taxed in Italy?
- The same as any crypto disposal. As of June 2026 gains can be taxed at 33 percent under the substitutive tax, and the former 2,000 euro exemption no longer applies. Keep your own records, since a P2P trade may have no platform statement. Verify with the Agenzia delle Entrate.
- Is P2P trading safe in Italy?
- It carries a higher fraud risk than a regulated exchange because you deal directly with a counterparty. Escrow and dispute tools on a reputable platform reduce but do not remove the risk. This page does not give investment advice.