The license positions Conio to leverage the EU’s passporting system, enabling it to expand its reach beyond Italy by completing standardized notification procedures. Chief Executive Officer Christian Miccoli stated that the authorization validates the company’s focus on secure, compliant infrastructure for banks, financial institutions, and retail clients. The firm intends to scale its white-label offerings, specifically targeting organizations exploring tokenization and digital asset management projects.
This transition comes as the broader European market faces a significant consolidation. While over 3,000 virtual asset service providers were active in 2024, only 194 had secured the necessary credentials by May 2026. Legal experts estimate that up to 75% of existing providers may lose their registration status as national transition periods expire. For firms failing to meet the mandate, the European Securities and Markets Authority has ordered the development of wind-down plans to ensure client assets are safely migrated to authorized platforms or self-custody wallets. Conio, backed by Poste Italiane and Banca Generali, currently serves over 430,000 customers.
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