Italy’s market watchdog has told crypto providers to either secure authorization under Europe’s new MiCAR regime by Dec. 30 or shut down their local business, stepping up pressure on exchanges and brokers serving local users.
Consob, the country’s securities regulator, urged both investors and operators to pay “maximum attention” as the transition period for the EU’s Markets in Crypto-Assets regulation nears its end.
The rules will reshape how virtual asset service providers operate across the bloc and how they market trading, custody and other services to retail clients.
Under the Italian framework, firms currently acting as Virtual Asset Service Providers, or VASPs, can continue to operate only until Dec. 30, 2025, while they are registered with the OAM, the national agents and brokers registry.
After that, they must have taken concrete steps toward becoming MiCAR-compliant crypto-asset service providers, or CASPs, if they want to stay in business.
Regulatory Shift Moves Italy Toward Europe’s Unified Crypto Rulebook
VASPs that file an authorization application by Dec. 30, either in Italy or in another EU member state, will be allowed to keep serving customers while supervisors process their files. That temporary window will close once the application is approved or rejected, and in any case no later than June 30, 2026.
The current regime in Italy only requires VASPs to register with the OAM. Under MiCAR, CASPs will need prior authorization from their supervisory authority and will then come under ongoing supervision, aligning Italy with the wider European push for stricter oversight after a series of global exchange failures and token collapses.
To support an orderly and transparent transition, Consob issued a detailed notice that mirrors guidance published the same day by the European Securities and Markets Authority. The document spells out what retail users should do as the deadline approaches and what operators must put in place if they plan either to seek a license or wind down.
Regulator Warns Users To Verify VASP Status Before Year-End Cutoff
For investors, the regulator stressed that some VASPs currently operating may no longer be allowed to do so after December 30. It said clients should check whether they have received clear information from their provider on its plans, and if not, ask for an explanation of how it intends to comply with the new framework.
Consob also told users to verify that a firm is legitimately allowed to operate in Italy after the deadline, either by checking the OAM list of VASPs or the ESMA register of authorized CASPs. If a provider is not legitimate, it cannot continue to offer crypto-asset services to the public and customers have the right to ask for the return of their funds or tokens.
On the operator side, Consob recalled that it has already shared guidance through meetings and public communications, including a notice in Sept. 2024 with initial instructions for firms and another in July 2025 when the national transition period was extended to June 30, 2026. It also sent a specific warning on October 31, 2025 to VASPs on the OAM list that still lack MiCAR authorization.
The regulator said VASPs that choose not to seek authorization as CASPs must stop their activities in Italy by December 30, 2025 and close existing contracts. They must return crypto-assets and related funds to customers in line with client instructions and end all services, including custody and administration.
VASPs that remain on the OAM register are required to post clear information on their websites and provide direct notice to clients on the steps they plan to take, whether that is applying for a MiCAR license or exiting the market in an orderly way.
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