Italy’s Consob says VASPs must obtain MiCA-compliant CASP authorization by Dec. 30, 2025, or cease Italian operations, return client assets, and clearly communicate exit or compliance plans.
Summary
- VASPs can operate until Dec. 30, 2025, if registered with OAM, but must transition to MiCA-authorized CASPs to keep serving Italian clients beyond that date.
- Firms applying for authorization by the deadline may operate during review, with a hard stop at approval, rejection, or June 30, 2026, whichever comes first.
- Non-applicant VASPs must terminate contracts, return all crypto-assets and funds, and publish clear notices on websites and to clients about exit or licensing plans.
Italy’s financial market regulator has directed cryptocurrency providers to secure authorization under Europe’s Markets in Crypto-Assets regulation by Dec. 30, 2025, or cease local operations, according to an announcement from Consob.
Italian provider Consob must comply with MiCa: regulators
The regulator urged investors and operators to exercise “maximum attention” as the transition period for the European Union’s MiCAR framework approaches its conclusion. The regulation will establish new operational standards for virtual asset service providers across the bloc, affecting how they market trading, custody and related services to retail clients.
Under the Italian framework, firms currently operating as Virtual Asset Service Providers can continue business only until Dec. 30, 2025, provided they remain registered with the OAM, the national agents and brokers registry, according to Consob. After that date, firms must pursue authorization as MiCAR-compliant crypto-asset service providers to maintain operations.
VASPs that submit authorization applications by Dec. 30, either in Italy or another EU member state, will be permitted to continue serving customers during the review process, Consob stated. The temporary operating window will close upon approval or rejection of the application, and no later than June 30, 2026.
The existing Italian regime requires only OAM registration for VASPs. Under MiCAR, crypto-asset service providers will need prior authorization from supervisory authorities and will face ongoing supervision, aligning Italy with broader European efforts to strengthen oversight following multiple global exchange failures and token collapses.
Consob issued detailed guidance mirroring instructions published by the European Securities and Markets Authority to facilitate an orderly transition. The document outlines requirements for retail users and operators as the deadline approaches.
The regulator advised investors that some currently operating VASPs may lose authorization after Dec. 30. Consob instructed clients to verify whether providers have communicated compliance plans and to request explanations if such information has not been provided.
Consob directed users to confirm a firm’s legitimacy after the deadline by consulting the OAM list of VASPs or the ESMA register of authorized CASPs. Providers lacking proper authorization cannot offer crypto-asset services to the public, and customers retain the right to request return of funds or tokens, according to the notice.
For operators, Consob noted it has distributed guidance through meetings and public communications, including a September 2024 notice with initial instructions and a July 2025 update when the national transition period was extended to June 30, 2026. The regulator sent a specific warning on Oct. 31, 2025, to VASPs on the OAM list that had not obtained MiCAR authorization.
VASPs choosing not to seek CASP authorization must cease Italian activities by Dec. 30, 2025, and terminate existing contracts, Consob stated. These firms must return crypto-assets and related funds to customers according to client instructions and discontinue all services, including custody and administration.
VASPs remaining on the OAM register are required to post clear information on websites and provide direct notice to clients regarding their plans, whether pursuing a MiCAR license or executing an orderly market exit, the regulator said.
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